AllianceBernstein Global High Income Fund (AWF) NPORT-P AllianceBernstein Global High Income Fund Inc (Dec 2022 report)

AB Global High Income Fund

Portfolio of Investments

December 31, 2022 (unaudited)

	Principal Amount (000)			U.S. $ Value
CORPORATES - NON-INVESTMENT GRADE – 56.0%
Industrial – 49.3%
Basic – 3.4%
Advanced Drainage Systems, Inc. 5.00%, 09/30/2027(a)		U.S.$	140	$	131,589
6.375%, 06/15/2030(a)			130		125,955
Ahlstrom-Munksjo Holding 3 Oy 3.625%, 02/04/2028(a)		EUR	178		160,478
4.875%, 02/04/2028(a)		U.S.$	972		785,717
Arconic Corp. 6.125%, 02/15/2028(a)			83		78,016
ASP Unifrax Holdings, Inc. 5.25%, 09/30/2028(a)			851		685,304
7.50%, 09/30/2029(a)			246		156,295
Baffinland Iron Mines Corp./Baffinland Iron Mines LP 8.75%, 07/15/2026(a)			215		204,007
Big River Steel LLC/BRS Finance Corp. 6.625%, 01/31/2029(a)			171		163,674
Cerdia Finanz GmbH 10.50%, 02/15/2027(a)			419		353,753
Chemours Co. (The) 5.375%, 05/15/2027			13		11,980
5.75%, 11/15/2028(a)			232		208,317
Cleveland-Cliffs, Inc. 6.75%, 03/15/2026(a)			107		107,433
Commercial Metals Co. 4.125%, 01/15/2030			80		70,495
4.375%, 03/15/2032			80		69,222
Constellium SE 3.125%, 07/15/2029(a)		EUR	1,109		936,829
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 02/01/2026		U.S.$	333		323,519
CVR Partners LP/CVR Nitrogen Finance Corp. 6.125%, 06/15/2028(a)			360		323,522
Domtar Corp. 6.75%, 10/01/2028(a)			243		210,823
Element Solutions, Inc. 3.875%, 09/01/2028(a)			993		847,608
ERP Iron Ore, LLC 9.039%, 12/31/2019(b) (c) (d) (e) (f)			240		160,109
FMG Resources (August 2006) Pty Ltd. 4.375%, 04/01/2031(a)			2,191		1,852,293
4.50%, 09/15/2027(a)			819		758,277
5.875%, 04/15/2030(a)			76		71,133
6.125%, 04/15/2032(a)			2,563		2,390,434
Glatfelter Corp. 4.75%, 11/15/2029(a)			209		126,914
Graham Packaging Co., Inc. 7.125%, 08/15/2028(a)			297		248,255

1

	Principal Amount (000)			U.S. $ Value
Graphic Packaging International LLC 3.75%, 02/01/2030(a)		U.S.$	1,724	$	1,472,763
Guala Closures SpA 3.25%, 06/15/2028(a)		EUR	1,841		1,693,423
Hecla Mining Co. 7.25%, 02/15/2028		U.S.$	282		278,266
INEOS Quattro Finance 1 PLC 3.75%, 07/15/2026(a)		EUR	101		88,865
INEOS Quattro Finance 2 PLC 3.375%, 01/15/2026(a)		U.S.$	426		385,368
INEOS Styrolution Group GmbH 2.25%, 01/16/2027(a)		EUR	1,008		875,015
Ingevity Corp. 3.875%, 11/01/2028(a)		U.S.$	643		554,683
Intelligent Packaging Holdco Issuer LP 9.00% (9.00% Cash or 9.75% PIK), 01/15/2026(a) (f)			611		424,332
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC 6.00%, 09/15/2028(a)			619		499,752
Kleopatra Finco SARL 4.25%, 03/01/2026(a) (g)		EUR	1,061		883,495
Kobe US Midco 2, Inc. 9.25% (9.25% Cash or 10.00% PIK), 11/01/2026(a) (f)		U.S.$	1,300		909,856
LABL, Inc. 6.75%, 07/15/2026(a)			222		210,729
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018(b) (c) (d) (e) (h)			2,857		0
Mercer International, Inc. 5.125%, 02/01/2029			969		809,848
Methanex Corp. 5.25%, 12/15/2029			7		6,215
Mineral Resources Ltd. 8.125%, 05/01/2027(a)			158		160,407
Monitchem HoldCo 3 SA 5.25%, 03/15/2025(a)		EUR	265		272,285
Novelis Corp. 3.875%, 08/15/2031(a)		U.S.$	19		15,547
4.75%, 01/30/2030(a)			135		119,357
Olin Corp. 5.00%, 02/01/2030			145		132,344
5.625%, 08/01/2029			263		249,379
Olympus Water US Holding Corp. 7.125%, 10/01/2027(a)			755		719,961
Rain CII Carbon LLC/CII Carbon Corp. 7.25%, 04/01/2025(a)			239		219,836
Rimini Bidco SpA 7.296% (EURIBOR 3 Month + 5.25%), 12/14/2026 (i)		EUR	912		873,095
SCIH Salt Holdings, Inc. 4.875%, 05/01/2028(a)		U.S.$	13		11,195

2

	Principal Amount (000)			U.S. $ Value
SCIL IV LLC/SCIL USA Holdings LLC 4.375%, 11/01/2026(a)		EUR	320	$	293,698
5.375%, 11/01/2026(a)		U.S.$	1,239		1,050,307
Sealed Air Corp. 4.00%, 12/01/2027(a)			50		45,594
6.875%, 07/15/2033(a)			183		182,109
SPCM SA 3.125%, 03/15/2027(a)			655		566,637
3.375%, 03/15/2030(a)			951		774,956
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.375%, 09/01/2025(a)			256		210,855
United States Steel Corp. 6.65%, 06/01/2037			37		33,544
6.875%, 03/01/2029			110		106,842
Vibrantz Technologies, Inc. 9.00%, 02/15/2030(a)			3,258		2,476,663
WR Grace Holdings LLC 4.875%, 06/15/2027(a)			875		775,158
5.625%, 10/01/2024(a)			386		381,446
5.625%, 08/15/2029(a)			61		49,350
					30,375,126
Capital Goods – 3.3%
ARD Finance SA 5.00% (5.00% Cash or 5.75% PIK), 06/30/2027(a) (f)		EUR	3,069		2,196,156
6.50% (6.50% Cash or 7.25% PIK), 06/30/2027(a) (f)		U.S.$	242		169,199
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 4.00%, 09/01/2029(a)			985		778,150
6.00%, 06/15/2027(a)			684		669,369
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. 4.125%, 08/15/2026(a)			2,663		2,308,493
5.25%, 04/30/2025(a)			212		202,237
5.25%, 08/15/2027(a)			235		177,196
Artera Services LLC 9.033%, 12/04/2025(a)			192		160,230
Bombardier, Inc. 6.00%, 02/15/2028(a)			51		47,337
7.125%, 06/15/2026(a)			217		212,691
7.50%, 03/15/2025(a)			1,841		1,828,192
7.875%, 04/15/2027(a)			1,814		1,766,048
Camelot Return Merger Sub, Inc. 8.75%, 08/01/2028(a)			242		221,981
Chart Industries, Inc. 7.50%, 01/01/2030(a)			533		535,212
Clean Harbors, Inc. 4.875%, 07/15/2027(a)			106		100,179

3

	Principal Amount (000)			U.S. $ Value
Cornerstone Building Brands, Inc. 6.125%, 01/15/2029(a)		U.S.$	215	$	151,552
Eco Material Technologies, Inc. 7.875%, 01/31/2027(a)			2,629		2,512,830
Energizer Holdings, Inc. 4.375%, 03/31/2029(a)			147		124,954
4.75%, 06/15/2028(a)			348		302,864
EnerSys 4.375%, 12/15/2027(a)			935		845,163
F-Brasile SpA/F-Brasile US LLC Series XR 7.375%, 08/15/2026(a)			957		782,720
FXI Holdings, Inc. 12.25%, 11/15/2026(a)			117		96,757
Gates Global LLC/Gates Corp. 6.25%, 01/15/2026(a)			954		920,610
Granite US Holdings Corp. 11.00%, 10/01/2027(a)			507		533,801
Griffon Corp. 5.75%, 03/01/2028			603		551,432
Harsco Corp. 5.75%, 07/31/2027(a)			1,384		1,088,803
JELD-WEN, Inc. 4.625%, 12/15/2025(a)			128		106,931
Koppers, Inc. 6.00%, 02/15/2025(a)			118		113,087
Madison IAQ LLC 5.875%, 06/30/2029(a)			359		246,934
Masonite International Corp. 5.375%, 02/01/2028(a)			166		153,756
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024(a)			210		204,321
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 02/01/2030(a)			84		67,497
Moog, Inc. 4.25%, 12/15/2027(a)			144		133,030
New Enterprise Stone & Lime Co., Inc. 5.25%, 07/15/2028(a)			13		11,684
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.50%, 04/15/2030(a)			63		56,413
Owens-Brockway Glass Container, Inc. 6.625%, 05/13/2027(a)			165		160,594
Renk AG/Frankfurt am Main 5.75%, 07/15/2025(a)		EUR	1,560		1,550,067
Smyrna Ready Mix Concrete LLC 6.00%, 11/01/2028(a)		U.S.$	41		36,664
Spirit AeroSystems, Inc. 4.60%, 06/15/2028			23		18,628
SPX FLOW, Inc. 8.75%, 04/01/2030(a)			1,019		805,128
Stevens Holding Co., Inc. 6.125%, 10/01/2026(a)			141		142,055

4

	Principal Amount (000)			U.S. $ Value
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 01/15/2029(a)		U.S.$	164	$	152,787
Titan Holdings II BV 5.125%, 07/15/2029(a)		EUR	649		548,753
TK Elevator Holdco GmbH 7.625%, 07/15/2028(a)		U.S.$	465		379,654
TK Elevator Midco GmbH 4.375%, 07/15/2027(a)		EUR	885		839,772
TK Elevator US Newco, Inc. 5.25%, 07/15/2027(a)		U.S.$	306		272,200
TransDigm, Inc. 4.625%, 01/15/2029			460		404,192
4.875%, 05/01/2029			2,049		1,786,456
6.25%, 03/15/2026(a)			332		328,123
Triumph Group, Inc. 7.75%, 08/15/2025			428		364,505
8.875%, 06/01/2024(a)			382		389,005
Trivium Packaging Finance BV 3.75%, 08/15/2026(a)		EUR	100		97,602
Tutor Perini Corp. 6.875%, 05/01/2025(a)		U.S.$	31		27,174
WESCO Distribution, Inc. 7.125%, 06/15/2025(a)			20		20,274
7.25%, 06/15/2028(a)			518		525,176
					29,226,618
Communications - Media – 6.9%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028(a)			393		297,398
Allen Media LLC/Allen Media Co-Issuer, Inc. 10.50%, 02/15/2028(a)			42		15,969
Altice Financing SA 5.00%, 01/15/2028(a)			1,456		1,178,247
5.75%, 08/15/2029(a)			5,165		4,078,014
AMC Networks, Inc. 4.25%, 02/15/2029			1,084		676,372
4.75%, 08/01/2025			890		683,131
Arches Buyer, Inc. 6.125%, 12/01/2028(a)			666		534,433
Banijay Entertainment SASU 3.50%, 03/01/2025(a)		EUR	210		211,699
5.375%, 03/01/2025(a)		U.S.$	2,324		2,193,021
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 08/15/2030(a)			4,665		3,862,712
4.50%, 06/01/2033(a)			2,953		2,274,040
4.75%, 02/01/2032(a)			7,183		5,823,324
5.125%, 05/01/2027(a)			327		305,129
6.375%, 09/01/2029(a)			1,760		1,653,101
Clear Channel Outdoor Holdings, Inc. 5.125%, 08/15/2027(a)			512		443,648

5

	Principal Amount (000)			U.S. $ Value
CMG Media Corp. 8.875%, 12/15/2027(a)		U.S.$	158	$	118,879
CSC Holdings LLC 4.50%, 11/15/2031(a)			981		681,795
5.00%, 11/15/2031(a)			1,461		816,514
5.375%, 02/01/2028(a)			1,278		1,030,175
5.75%, 01/15/2030(a)			6,196		3,503,366
7.50%, 04/01/2028(a)			1,150		779,343
Deluxe Corp. 8.00%, 06/01/2029(a)			17		13,942
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.375%, 08/15/2026(a)			299		35,599
DISH DBS Corp. 5.125%, 06/01/2029			2,995		1,932,109
5.25%, 12/01/2026(a)			2,496		2,105,449
5.75%, 12/01/2028(a)			2,596		2,073,607
5.875%, 11/15/2024			1,861		1,735,750
7.375%, 07/01/2028			165		116,622
7.75%, 07/01/2026			691		557,641
DISH Network Corp. 11.75%, 11/15/2027(a)			72		74,040
Gray Escrow II, Inc. 5.375%, 11/15/2031(a)			1,364		987,199
iHeartCommunications, Inc. 4.75%, 01/15/2028(a)			60		48,800
5.25%, 08/15/2027(a)			1,499		1,268,866
8.375%, 05/01/2027			178		151,524
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027(a)			200		187,890
Liberty Interactive LLC 3.75%, 02/15/2030(j)			871		291,059
8.25%, 02/01/2030			23		9,987
McGraw-Hill Education, Inc. 5.75%, 08/01/2028(a)			1,123		943,735
8.00%, 08/01/2029(a)			163		134,796
National CineMedia LLC 5.875%, 04/15/2028(a)			623		142,038
Nexstar Media Inc. 4.75%, 11/01/2028(a)			172		149,010
Outfront Media Capital LLC/Outfront Media Capital Corp. 4.625%, 03/15/2030(a)			376		311,817
Radiate Holdco LLC/Radiate Finance, Inc. 4.50%, 09/15/2026(a)			1,331		978,209
6.50%, 09/15/2028(a)			154		64,544
Sinclair Television Group, Inc. 4.125%, 12/01/2030(a)			1,578		1,178,151
5.50%, 03/01/2030(a)			1,031		721,714
Sirius XM Radio, Inc. 4.00%, 07/15/2028(a)			5,699		4,947,491
4.125%, 07/01/2030(a)			204		168,533
5.50%, 07/01/2029(a)			186		169,930

6

	Principal Amount (000)			U.S. $ Value
Stagwell Global LLC 5.625%, 08/15/2029(a)		U.S.$	67	$	55,234
Summer BC Holdco B SARL 5.75%, 10/31/2026(a)		EUR	1,395		1,273,734
Summer BidCo BV 9.00% (9.00% Cash or 9.75% PIK), 11/15/2025(a) (f)			877		675,023
TEGNA, Inc. 5.00%, 09/15/2029		U.S.$	333		315,243
Telenet Finance Luxembourg Notes SARL 5.50%, 03/01/2028(a)			400		359,860
Townsquare Media, Inc. 6.875%, 02/01/2026(a)			113		99,578
Univision Communications, Inc.
6.625%, 06/01/2027(a)			1,593		1,538,501
7.375%, 06/30/2030(a)			1,186		1,134,887
Urban One, Inc. 7.375%, 02/01/2028(a)			2,221		1,877,840
VZ Vendor Financing II BV 2.875%, 01/15/2029(a)		EUR	885		729,065
Ziggo Bond Co. BV 5.125%, 02/28/2030(a)		U.S.$	1,124		912,223
					61,631,550
Communications - Telecommunications – 3.4%
Altice France SA/France 3.375%, 01/15/2028(a)		EUR	885		713,008
5.125%, 07/15/2029(a)		U.S.$	6,254		4,686,302
5.50%, 10/15/2029(a)			431		330,035
8.125%, 02/01/2027(a)			224		204,753
British Telecommunications PLC 4.25%, 11/23/2081(a)			214		180,066
Connect Finco SARL/Connect US Finco LLC 6.75%, 10/01/2026(a)			2,440		2,271,982
Consolidated Communications, Inc. 5.00%, 10/01/2028(a)			795		586,267
6.50%, 10/01/2028(a)			2,067		1,609,573
DKT Finance ApS 7.00%, 06/17/2023(a)		EUR	506		538,900
9.375%, 06/17/2023(a)		U.S.$	895		885,114
Embarq Corp. 7.995%, 06/01/2036			2,128		989,676
Frontier Communications Holdings LLC 5.875%, 11/01/2029			132		102,361
6.75%, 05/01/2029(a)			524		433,219
8.75%, 05/15/2030(a)			893		911,765
Hughes Satellite Systems Corp. 6.625%, 08/01/2026			465		434,038
Iliad Holding SASU 6.50%, 10/15/2026(a)			719		667,581
7.00%, 10/15/2028(a)			202		183,198

7

	Principal Amount (000)			U.S. $ Value
Intelsat Jackson Holdings SA 5.50%, 08/01/2023(c) (d) (e)		U.S.$	1,675	$	0
Kaixo Bondco Telecom SA 5.125%, 09/30/2029(a)		EUR	897		816,306
Level 3 Financing, Inc. 3.625%, 01/15/2029(a)		U.S.$	64		46,822
3.75%, 07/15/2029(a)			1,253		902,383
4.25%, 07/01/2028(a)			743		585,319
4.625%, 09/15/2027(a)			1,739		1,451,263
Lorca Telecom Bondco SA 4.00%, 09/18/2027(a)		EUR	952		910,917
Lumen Technologies, Inc.
Series P 7.60%, 09/15/2039		U.S.$	73		49,747
Series U 7.65%, 03/15/2042			68		44,795
Telecom Italia Capital SA 6.00%, 09/30/2034			77		58,962
7.20%, 07/18/2036			451		366,077
7.721%, 06/04/2038			1,622		1,357,978
Telecom Italia SpA/Milano 5.303%, 05/30/2024(a)			403		379,138
Telesat Canada/Telesat LLC 5.625%, 12/06/2026(a)			60		28,042
6.50%, 10/15/2027(a)			132		38,785
United Group BV 3.625%, 02/15/2028(a)		EUR	237		183,018
4.00%, 11/15/2027(a)			1,127		893,986
4.625%, 08/15/2028(a)			481		378,525
5.25%, 02/01/2030(a)			296		227,897
6.516% (EURIBOR 3 Month + 4.88%), 02/01/2029(i)			896		826,077
United States Cellular Corp. 6.70%, 12/15/2033		U.S.$	121		107,392
Vmed O2 UK Financing I PLC 4.25%, 01/31/2031(a)			530		428,727
4.75%, 07/15/2031(a)			3,880		3,158,849
Vodafone Group PLC 4.125%, 06/04/2081			208		155,408
5.125%, 06/04/2081			115		83,769
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 08/15/2028(a)			235		192,254
Zayo Group Holdings, Inc. 4.00%, 03/01/2027(a)			1,515		1,122,787
6.125%, 03/01/2028(a)			128		72,993
					30,596,054
Consumer Cyclical - Automotive – 4.0%
Adient Global Holdings Ltd. 4.875%, 08/15/2026(a)			400		372,261

8

	Principal Amount (000)			U.S. $ Value
Allison Transmission, Inc. 5.875%, 06/01/2029(a)		U.S.$	627	$	588,720
American Axle & Manufacturing, Inc. 5.00%, 10/01/2029			175		140,364
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025(a)			595		554,138
15.00% (8.89% Cash and 6.11% PIK), 11/30/2026(a) (f)			1,028		1,048,528
Clarios Global LP/Clarios US Finance Co. 4.375%, 05/15/2026(a)		EUR	210		207,165
Dana Financing Luxembourg SARL 5.75%, 04/15/2025(a)		U.S.$	109		107,469
Dana, Inc. 4.25%, 09/01/2030			760		612,428
5.375%, 11/15/2027			109		101,082
5.625%, 06/15/2028			182		165,569
Dealer Tire LLC/DT Issuer LLC 8.00%, 02/01/2028(a)			1,116		950,944
Exide Technologies
(Exchange Priority) 11.00%, 10/31/2024(c) (d) (e) (h)			2,940		0
(First Lien) 11.00%, 10/31/2024(c) (d) (e) (h)			1,207		0
Ford Motor Co. 3.25%, 02/12/2032			3,020		2,272,387
4.75%, 01/15/2043			107		77,413
5.291%, 12/08/2046			249		191,481
6.10%, 08/19/2032			4,567		4,231,134
Ford Motor Credit Co. LLC 2.70%, 08/10/2026			793		688,640
3.664%, 09/08/2024			200		191,043
3.81%, 01/09/2024			200		194,842
4.389%, 01/08/2026			200		187,078
4.95%, 05/28/2027			1,160		1,083,463
7.35%, 11/04/2027			4,412		4,520,976
IHO Verwaltungs GmbH 3.625% (3.625% Cash or 4.375% PIK), 05/15/2025(a) (f)		EUR	284		277,191
3.75% (3.75% Cash or 4.50% PIK), 09/15/2026(a) (f)			885		822,132
3.875% (3.875% Cash or 4.625% PIK), 05/15/2027(a) (f)			338		305,650
4.75% (4.75% Cash or 5.50% PIK), 09/15/2026(a) (f)		U.S.$	433		375,317
6.00% (6.00% Cash or 6.75% PIK), 05/15/2027(a) (f)			1,984		1,744,932
Jaguar Land Rover Automotive PLC 5.50%, 07/15/2029(a)			1,490		1,060,899
5.875%, 11/15/2024(a)		EUR	269		270,221
5.875%, 01/15/2028(a)		U.S.$	1,295		997,505
7.75%, 10/15/2025(a)			1,417		1,317,522
JB Poindexter & Co., Inc. 7.125%, 04/15/2026(a)			146		141,610

9

	Principal Amount (000)			U.S. $ Value
Mclaren Finance PLC 7.50%, 08/01/2026(a)		U.S.$	1,973	$	1,471,116
PM General Purchaser LLC 9.50%, 10/01/2028(a)			1,421		1,080,450
Real Hero Merger Sub 2, Inc. 6.25%, 02/01/2029(a)			1,777		1,217,071
Titan International, Inc. 7.00%, 04/30/2028			1,465		1,393,355
ZF Europe Finance BV 2.00%, 02/23/2026(a)		EUR	200		184,122
3.00%, 10/23/2029(a)			400		325,901
ZF Finance GmbH 2.00%, 05/06/2027(a)			200		174,762
2.25%, 05/03/2028(a)			800		667,314
2.75%, 05/25/2027(a)			900		810,065
ZF North America Capital, Inc. 4.75%, 04/29/2025(a)		U.S.$	2,528		2,403,792
					35,528,052
Consumer Cyclical - Entertainment – 2.6%
AMC Entertainment Holdings, Inc. 7.50%, 02/15/2029(a)			192		104,442
Carnival Corp. 4.00%, 08/01/2028(a)			1,739		1,411,477
5.75%, 03/01/2027(a)			1,336		951,900
6.00%, 05/01/2029(a)			132		87,120
7.625%, 03/01/2026(a)			246		193,427
7.625%, 03/01/2026(a)		EUR	311		266,963
9.875%, 08/01/2027(a)		U.S.$	437		413,511
10.125%, 02/01/2026(a)		EUR	310		328,575
10.50%, 06/01/2030(a)		U.S.$	228		184,965
Carnival Holdings Bermuda Ltd. 10.375%, 05/01/2028(a)			3,714		3,812,369
Carnival PLC 1.00%, 10/28/2029		EUR	202		88,376
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 05/01/2025(a)		U.S.$	2,191		2,164,975
Cinemark USA, Inc. 5.25%, 07/15/2028(a)			521		386,987
Lindblad Expeditions LLC 6.75%, 02/15/2027(a)			365		331,153
Motion Bondco DAC 4.50%, 11/15/2027(a)		EUR	670		581,331
NCL Corp., Ltd. 3.625%, 12/15/2024(a)		U.S.$	25		21,410
5.875%, 03/15/2026(a)			2,055		1,617,418
7.75%, 02/15/2029(a)			93		69,987
NCL Finance Ltd. 6.125%, 03/15/2028(a)			39		28,952

10

	Principal Amount (000)			U.S. $ Value
Royal Caribbean Cruises Ltd. 5.375%, 07/15/2027(a)		U.S.$	1,203	$	978,941
5.50%, 08/31/2026(a)			1,118		937,723
5.50%, 04/01/2028(a)			4,348		3,457,834
11.50%, 06/01/2025(a)			1,409		1,510,279
11.625%, 08/15/2027(a)			74		74,390
Viking Cruises Ltd. 5.875%, 09/15/2027(a)			791		645,647
7.00%, 02/15/2029(a)			1,461		1,222,916
13.00%, 05/15/2025(a)			65		68,901
VOC Escrow Ltd. 5.00%, 02/15/2028(a)			1,822		1,564,794
					23,506,763
Consumer Cyclical - Other – 3.3%
Adams Homes, Inc. 7.50%, 02/15/2025(a)			598		507,555
Affinity Gaming 6.875%, 12/15/2027(a)			199		169,202
Allwyn Entertainment Financing UK PLC 5.887% (EURIBOR 3 Month + 4.12%), 02/15/2028(i)		EUR	650		676,658
Beazer Homes USA, Inc. 6.75%, 03/15/2025		U.S.$	355		344,132
Brookfield Residential Properties, Inc./Brookfield Residential US LLC 4.875%, 02/15/2030(a)			1,097		856,638
5.00%, 06/15/2029(a)			195		154,566
6.25%, 09/15/2027(a)			1,233		1,094,624
Builders FirstSource, Inc. 4.25%, 02/01/2032(a)			244		198,647
6.375%, 06/15/2032(a)			1,963		1,848,043
Castle UK Finco PLC 5.571% (EURIBOR 3 Month + 5.25%), 05/15/2028(i)		EUR	514		407,011
7.00%, 05/15/2029		GBP	679		570,858
Century Communities, Inc. 3.875%, 08/15/2029(a)		U.S.$	29		22,794
Churchill Downs, Inc. 4.75%, 01/15/2028(a)			491		439,379
CP Atlas Buyer, Inc. 7.00%, 12/01/2028(a)			126		94,329
Everi Holdings, Inc. 5.00%, 07/15/2029(a)			240		206,832
Five Point Operating Co. LP/Five Point Capital Corp. 7.875%, 11/15/2025(a)			1,969		1,652,667
Forestar Group, Inc. 3.85%, 05/15/2026(a)			385		342,318
Hilton Domestic Operating Co., Inc. 3.625%, 02/15/2032(a)			1,215		972,497
3.75%, 05/01/2029(a)			62		53,810

11

	Principal Amount (000)			U.S. $ Value
4.00%, 05/01/2031(a)		U.S.$	54	$	45,481
5.375%, 05/01/2025(a)			229		227,027
5.75%, 05/01/2028(a)			450		437,816
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc 4.875%, 07/01/2031(a)			597		488,614
5.00%, 06/01/2029(a)			1,598		1,387,278
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. 4.875%, 04/01/2027			145		138,164
Installed Building Products, Inc. 5.75%, 02/01/2028 (a)			291		262,389
International Game Technology PLC 3.50%, 06/15/2026(a)		EUR	214		217,570
4.125%, 04/15/2026(a)		U.S.$	1,352		1,269,104
Jacobs Entertainment, Inc. 6.75%, 02/15/2029 (a)			131		119,135
Marriott Ownership Resorts, Inc. 4.50%, 06/15/2029(a)			242		201,378
6.125%, 09/15/2025(a)			449		462,753
Mattamy Group Corp. 4.625%, 03/01/2030(a)			170		138,933
MGM Resorts International 5.50%, 04/15/2027			1,163		1,080,986
5.75%, 06/15/2025			30		29,156
Mohegan Tribal Gaming Authority 8.00%, 02/01/2026(a)			223		206,821
New Home Co., Inc. (The) 7.25%, 10/15/2025(a)			211		178,244
NH Hotel Group SA 4.00%, 07/02/2026(a)		EUR	930		914,174
Picasso Finance Sub, Inc. 6.125%, 06/15/2025(a)		U.S.$	88		87,730
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.625%, 09/01/2029(a)			69		50,769
5.875%, 09/01/2031(a)			39		27,513
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. 6.625%, 03/01/2030(a)			112		94,574
Shea Homes LP / Shea Homes Funding Corp. 4.75%, 04/01/2029			911		767,904
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 02/15/2028			549		479,736
Standard Industries, Inc./NJ 4.375%, 07/15/2030(a)			929		760,996
4.75%, 01/15/2028(a)			211		189,876
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. 5.875%, 05/15/2025(a)			1,785		1,669,163

12

	Principal Amount (000)			U.S. $ Value
Taylor Morrison Communities, Inc. 5.75%, 01/15/2028(a)		U.S.$	510	$	479,205
5.875%, 06/15/2027(a)			191		183,807
Thor Industries, Inc. 4.00%, 10/15/2029(a)			162		127,791
TopBuild Corp. 4.125%, 02/15/2032(a)			69		56,060
Travel + Leisure Co. 4.50%, 12/01/2029(a)			976		795,526
4.625%, 03/01/2030(a)			2,415		2,012,439
6.00%, 04/01/2027			208		197,819
6.625%, 07/31/2026(a)			637		623,839
Universal Entertainment Corp. 8.50%, 12/11/2024(a)			200		186,582
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.25%, 05/15/2027(a)			781		706,847
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.125%, 10/01/2029(a)			1,988		1,704,888
					29,620,647
Consumer Cyclical - Restaurants – 0.7%
1011778 BC ULC/New Red Finance, Inc. 3.875%, 01/15/2028(a)			1,506		1,356,433
4.00%, 10/15/2030(a)			2,061		1,673,626
4.375%, 01/15/2028(a)			192		172,664
CEC Entertainment LLC 6.75%, 05/01/2026(a)			127		117,953
Stonegate Pub Co. Financing 2019 PLC 8.00%, 07/13/2025(a)		GBP	192		206,958
8.25%, 07/31/2025(a)			1,245		1,360,521
Yum! Brands, Inc. 3.625%, 03/15/2031		U.S.$	49		41,062
4.625%, 01/31/2032			1,072		950,473
4.75%, 01/15/2030(a)			85		78,133
					5,957,823
Consumer Cyclical - Retailers – 2.8%
Arko Corp. 5.125%, 11/15/2029(a)			1,035		811,852
Asbury Automotive Group, Inc. 4.625%, 11/15/2029(a)			852		718,848
5.00%, 02/15/2032(a)			381		314,310
At Home Group, Inc. 7.125%, 07/15/2029(a)			63		36,572
Bath & Body Works, Inc. 6.625%, 10/01/2030(a)			1,916		1,797,068
6.75%, 07/01/2036			285		249,828
6.875%, 11/01/2035			551		489,820
7.50%, 06/15/2029			107		105,534
7.60%, 07/15/2037			261		221,133
9.375%, 07/01/2025(a)			41		43,938

13

	Principal Amount (000)			U.S. $ Value
BCPE Ulysses Intermediate, Inc. 7.75% (7.75% Cash or 8.50% PIK), 04/01/2027(a) (f)		U.S.$	518	$	320,541
Bed Bath & Beyond, Inc. 5.165%, 08/01/2044			58		5,745
Carvana Co. 5.50%, 04/15/2027(a)			415		161,850
5.875%, 10/01/2028(a)			1,298		500,387
Dufry One BV 2.50%, 10/15/2024(a)		EUR	1,260		1,306,041
eG Global Finance PLC 6.75%, 02/07/2025(a)		U.S.$	428		375,429
8.50%, 10/30/2025(a)			408		381,684
FirstCash, Inc. 5.625%, 01/01/2030(a)			1,347		1,203,064
Foundation Building Materials, Inc. 6.00%, 03/01/2029(a)			246		184,732
Gap, Inc. (The) 3.625%, 10/01/2029(a)			935		665,362
3.875%, 10/01/2031(a)			56		39,507
Group 1 Automotive, Inc. 4.00%, 08/15/2028(a)			246		209,149
Guitar Center, Inc. 8.50%, 01/15/2026(a)			145		119,987
Kontoor Brands, Inc. 4.125%, 11/15/2029(a)			894		719,497
LBM Acquisition LLC 6.25%, 01/15/2029(a)			81		52,533
LCM Investments Holdings II LLC 4.875%, 05/01/2029(a)			13		10,500
Levi Strauss & Co. 3.50%, 03/01/2031(a) (g)			602		479,473
Lithia Motors, Inc. 3.875%, 06/01/2029(a)			65		53,572
LSF9 Atlantis Holdings LLC/Victra Finance Corp. 7.75%, 02/15/2026(a)			154		136,513
Michaels Cos, Inc. (The) 5.25%, 05/01/2028(a)			1,475		1,191,253
7.875%, 05/01/2029(a)			1,378		929,992
Murphy Oil USA, Inc. 3.75%, 02/15/2031(a)			246		204,828
4.75%, 09/15/2029			201		183,623
5.625%, 05/01/2027			69		66,934
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.125%, 04/01/2026(a)			1,720		1,617,738
Party City Holdings, Inc. 8.75%, 02/15/2026(a)			63		18,253
Penske Automotive Group, Inc. 3.75%, 06/15/2029			196		159,182

14

	Principal Amount (000)			U.S. $ Value
PetSmart, Inc./PetSmart Finance Corp. 7.75%, 02/15/2029(a)		U.S.$	1,219	$	1,137,202
QVC, Inc. 4.375%, 09/01/2028			5		2,960
4.75%, 02/15/2027			213		150,628
4.85%, 04/01/2024			133		123,887
Rite Aid Corp. 7.50%, 07/01/2025(a)			1,036		693,096
8.00%, 11/15/2026(a)			45		23,699
Sonic Automotive, Inc. 4.625%, 11/15/2029(a)			1,736		1,399,810
4.875%, 11/15/2031(a)			77		60,622
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.375%, 09/30/2026(a)			508		408,034
SRS Distribution, Inc. 6.125%, 07/01/2029(a)			329		267,033
Staples, Inc. 7.50%, 04/15/2026(a)			2,498		2,150,346
10.75%, 04/15/2027(a)			1,271		915,433
TPro Acquisition Corp. 11.00%, 10/15/2024(a)			1,062		1,056,764
Victoria’s Secret & Co. 4.625%, 07/15/2029(a)			58		45,510
White Cap Buyer LLC 6.875%, 10/15/2028(a)			226		196,927
White Cap Parent LLC 8.25%, 03/15/2026(a) (f)			329		284,258
Wolverine World Wide, Inc. 4.00%, 08/15/2029(a)			628		475,525
					25,478,006
Consumer Non-Cyclical – 6.2%
AdaptHealth LLC 6.125%, 08/01/2028(a)			288		266,285
AHP Health Partners, Inc. 5.75%, 07/15/2029(a)			988		771,143
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.25%, 03/15/2026(a)			50		45,641
3.50%, 03/15/2029(a)			161		135,005
4.625%, 01/15/2027(a)			833		775,164
4.875%, 02/15/2030(a)			200		178,414
5.875%, 02/15/2028(a)			99		94,184
7.50%, 03/15/2026(a)			164		167,888
B&G Foods, Inc. 5.25%, 04/01/2025			217		191,174
Bausch Health Americas, Inc. 8.50%, 01/31/2027(a)			543		285,106
Bausch Health Cos., Inc. 4.875%, 06/01/2028(a)			2,835		1,813,746
5.00%, 02/15/2029(a)			1,431		687,708

15

	Principal Amount (000)			U.S. $ Value
5.25%, 01/30/2030(a)		U.S.$	123	$	59,423
5.50%, 11/01/2025(a)			196		166,878
6.125%, 02/01/2027(a)			303		208,444
6.25%, 02/15/2029(a)			911		441,449
7.00%, 01/15/2028(a)			204		99,430
7.25%, 05/30/2029(a)			254		122,435
11.00%, 09/30/2028(a)			236		185,072
CAB SELAS 3.375%, 02/01/2028(a)		EUR	1,880		1,617,191
CD&R Smokey Buyer, Inc. 6.75%, 07/15/2025(a)		U.S.$	203		175,083
Cheplapharm Arzneimittel GmbH 5.50%, 01/15/2028(a)			436		367,129
Chrome Bidco SASU 3.50%, 05/31/2028(a)		EUR	885		794,443
CHS/Community Health Systems, Inc. 4.75%, 02/15/2031(a)		U.S.$	493		358,810
5.25%, 05/15/2030(a)			66		49,849
5.625%, 03/15/2027(a)			416		356,938
6.125%, 04/01/2030(a)			3,702		1,864,029
6.875%, 04/01/2028(a) (g)			577		280,471
6.875%, 04/15/2029(a)			1,537		796,925
8.00%, 03/15/2026(a)			769		701,071
Cidron Aida Finco SARL 5.00%, 04/01/2028(a)		EUR	236		215,621
DaVita, Inc. 3.75%, 02/15/2031(a)		U.S.$	687		512,380
4.625%, 06/01/2030(a)			3,271		2,636,142
Elanco Animal Health, Inc. 6.40%, 08/28/2028			165		156,945
Embecta Corp. 5.00%, 02/15/2030(a)			2,011		1,685,678
Emergent BioSolutions, Inc. 3.875%, 08/15/2028(a)			1,516		748,746
Garden Spinco Corp. 8.625%, 07/20/2030(a)			883		921,644
Global Medical Response, Inc. 6.50%, 10/01/2025(a)			510		371,833
Grifols Escrow Issuer SA 3.875%, 10/15/2028(a)		EUR	2,222		1,992,893
Gruenenthal GmbH
3.625%, 11/15/2026(a)			885		865,894
4.125%, 05/15/2028(a)			1,141		1,096,954
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.875%, 09/01/2025(a)		U.S.$	59		52,260
HLF Financing SARL LLC/Herbalife International, Inc. 4.875%, 06/01/2029(a)			204		139,709
Hologic, Inc. 3.25%, 02/15/2029(a)			236		203,810

16

	Principal Amount (000)			U.S. $ Value
IQVIA, Inc. 2.25%, 03/15/2029(a)		EUR	862	$	775,420
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027(a)		U.S.$	1,951		1,604,120
Lamb Weston Holdings, Inc. 4.125%, 01/31/2030(a)			1,209		1,069,736
4.375%, 01/31/2032(a)			29		25,329
4.875%, 05/15/2028(a)			204		193,392
Legacy LifePoint Health LLC 4.375%, 02/15/2027(a)			2,831		2,396,213
6.75%, 04/15/2025(a)			89		83,729
LifePoint Health, Inc. 5.375%, 01/15/2029(a)			65		36,798
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 11.50%, 12/15/2028(a)			201		171,359
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 10.00%, 06/15/2029(a)			108		58,355
Medline Borrower LP 3.875%, 04/01/2029(a)			1,566		1,262,131
5.25%, 10/01/2029(a)			3,373		2,680,791
Nidda Healthcare Holding GmbH 7.50%, 08/21/2026(a)		EUR	1,470		1,496,485
Organon & Co.,/Organon Foreign Debt Co-Issuer BV 2.875%, 04/30/2028(a)			885		827,743
4.125%, 04/30/2028(a)		U.S.$	416		368,334
5.125%, 04/30/2031(a)			420		363,814
Oriflame Investment Holding PLC 5.125%, 05/04/2026(a)			347		213,240
Owens & Minor, Inc. 4.50%, 03/31/2029(a)			47		37,353
Performance Food Group, Inc. 4.25%, 08/01/2029(a)			1,182		1,023,954
Post Holdings, Inc. 4.50%, 09/15/2031(a)			1,564		1,321,055
4.625%, 04/15/2030(a)			870		750,582
5.50%, 12/15/2029(a)			529		479,264
5.625%, 01/15/2028(a)			210		198,481
5.75%, 03/01/2027(a)			208		201,415
Prime Healthcare Services, Inc. 7.25%, 11/01/2025(a)			225		190,427
Primo Water Holdings, Inc. 4.375%, 04/30/2029(a)			148		127,818
Radiology Partners, Inc. 9.25%, 02/01/2028(a)			1,599		899,209

17

	Principal Amount (000)			U.S. $ Value
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/01/2026(a)		U.S.$	990	$	797,005
RP Escrow Issuer LLC 5.25%, 12/15/2025(a)			638		487,927
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed 4.625%, 03/01/2029(a)			10		8,182
Spectrum Brands, Inc. 3.875%, 03/15/2031(a)			2,079		1,625,408
4.00%, 10/01/2026(a)		EUR	530		528,828
Tenet Healthcare Corp. 4.375%, 01/15/2030(a)		U.S.$	2,307		1,998,766
6.125%, 10/01/2028(a)			872		782,503
6.125%, 06/15/2030(a)			1,017		968,606
TreeHouse Foods, Inc. 4.00%, 09/01/2028			154		131,298
Triton Water Holdings, Inc. 6.25%, 04/01/2029(a)			966		782,574
United Natural Foods, Inc. 6.75%, 10/15/2028(a)			187		179,867
US Acute Care Solutions LLC 6.375%, 03/01/2026(a)			3,003		2,665,195
US Renal Care, Inc. 10.625%, 07/15/2027(a)			616		129,465
Vector Group Ltd. 10.50%, 11/01/2026(a)			138		137,472
Vista Outdoor, Inc. 4.50%, 03/15/2029(a)			202		148,797
					55,885,477
Energy – 4.6%
Aethon United BR LP/Aethon United Finance Corp. 8.25%, 02/15/2026(a)			68		67,526
Berry Petroleum Co. LLC 7.00%, 02/15/2026(a)			245		226,417
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.625%, 12/15/2025(a)			631		627,665
Buckeye Partners LP 3.95%, 12/01/2026			6		5,363
4.125%, 12/01/2027			214		187,549
4.50%, 03/01/2028(a)			214		188,026
California Resources Corp. 7.125%, 02/01/202 (a)			217		206,995
Callon Petroleum Co. 8.25%, 07/15/2025			301		300,167
Calumet Specialty Products Partners LP/Calumet Finance Corp. 11.00%, 04/15/2025(a)			196		204,744

18

	Principal Amount (000)		U.S. $ Value
CGG SA 8.75%, 04/01/2027(a)	U.S.$	422	$	342,101
Chesapeake Energy Corp. 5.50%, 02/01/2026(a)		169		163,128
5.875%, 02/01/2029(a)		135		128,608
6.75%, 04/15/2029(a)		158		153,856
Citgo Holding, Inc. 9.25%, 08/01/2024(a)		478		479,421
CITGO Petroleum Corp. 6.375%, 06/15/2026(a)		471		452,754
7.00%, 06/15/2025(a)		1,781		1,740,936
Civitas Resources, Inc. 5.00%, 10/15/2026(a)		682		626,751
CNX Resources Corp. 6.00%, 01/15/2029(a)		423		390,423
7.25%, 03/14/2027(a)		21		20,936
7.375%, 01/15/2031(a)		72		69,084
Comstock Resources, Inc. 6.75%, 03/01/2029(a)		294		265,437
Crescent Energy Finance LLC 7.25%, 05/01/2026(a)		1,005		954,524
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. 5.625%, 05/01/2027(a)		182		169,686
6.00%, 02/01/2029(a)		54		49,809
8.00%, 04/01/2029(a)		101		100,832
CVR Energy, Inc. 5.25%, 02/15/2025(a)		223		205,045
Diamond Foreign Asset Co./Diamond Finance LLC 9.00% (9.00% Cash or 13.00% PIK), 04/22/2027(a) (f)		90		82,465
9.00% (9.00% Cash or 13.00% PIK), 04/22/2027(f)		79		71,838
Earthstone Energy Holdings LLC 8.00%, 04/15/2027(a)		173		164,944
Encino Acquisition Partners Holdings LLC 8.50%, 05/01/2028(a)		1,352		1,231,716
EnLink Midstream LLC 5.625%, 01/15/2028(a)		199		189,830
6.50%, 09/01/2030(a)		129		127,740
EnLink Midstream Partners LP 4.15%, 06/01/2025		197		187,620
4.85%, 07/15/2026		96		90,746
5.05%, 04/01/2045		807		608,108
5.45%, 06/01/2047		116		93,125
5.60%, 04/01/2044		104		85,271
Series C 8.879% (LIBOR 3 Month + 4.11%), 01/30/2023(i) (k)		2,734		2,270,356
EQM Midstream Partners LP 4.50%, 01/15/2029(a)		784		663,274

19

	Principal Amount (000)			U.S. $ Value
4.75%, 01/15/2031(a)		U.S.$	797	$	656,754
6.50%, 07/15/2048			126		94,502
FTAI Infra Escrow Holdings LLC 10.50%, 06/01/2027(a)			157		157,176
Genesis Energy LP/Genesis Energy Finance Corp. 5.625%, 06/15/2024			412		400,314
6.25%, 05/15/2026			92		84,356
6.50%, 10/01/2025			596		567,956
7.75%, 02/01/2028			612		563,917
8.00%, 01/15/2027			849		799,047
Global Partners LP/GLP Finance Corp. 6.875%, 01/15/2029			439		397,613
7.00%, 08/01/2027			403		384,598
Gulfport Energy Corp. 6.00%, 10/15/2024(c)			589		371
6.375%, 05/15/2025(c)			1,547		975
6.375%, 01/15/2026(c)			1,710		1,077
6.625%, 05/01/2023(c)			161		101
8.00%, 05/17/2026(a)			610		604,658
Harvest Midstream I LP 7.50%, 09/01/2028 (a)			69		66,208
Hess Midstream Operations LP 5.625%, 02/15/2026 (a)			481		466,854
Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/2029(a)			233		208,201
6.00%, 02/01/2031(a)			340		288,617
6.25%, 04/15/2032(a)			96		82,475
Ithaca Energy North Sea PLC 9.00%, 07/15/2026(a)			1,188		1,169,592
ITT Holdings LLC 6.50%, 08/01/2029(a)			2,299		1,939,853
KCA Deutag UK Finance PLC 9.875%, 12/01/2025(a)			88		82,753
KLX Energy Services Holdings, Inc. 11.50%, 11/01/2025(a)			64		57,661
MEG Energy Corp. 5.875%, 02/01/2029 (a)			214		201,906
Moss Creek Resources Holdings, Inc.
7.50%, 01/15/2026(a)			713		642,215
10.50%, 05/15/2027(a)			202		193,292
Murphy Oil Corp. 5.875%, 12/01/2027			211		203,044
6.375%, 07/15/2028			185		179,004
Nabors Industries Ltd. 7.25%, 01/15/2026(a)			403		381,498
7.50%, 01/15/2028(a)			2,085		1,900,212
Nabors Industries, Inc. 7.375%, 05/15/2027(a)			319		312,568
New Fortress Energy, Inc. 6.75%, 09/15/2025(a)			1,126		1,067,500

20

	Principal Amount (000)		U.S. $ Value
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 02/01/2026(a)	U.S.$	1,575	$	1,402,869
Northern Oil and Gas, Inc. 8.125%, 03/01/2028(a)		140		134,339
NuStar Logistics LP 6.00%, 06/01/2026		49		47,326
6.375%, 10/01/2030		177		164,201
Occidental Petroleum Corp. 5.50%, 12/01/2025		158		157,582
5.875%, 09/01/2025		181		181,274
6.125%, 01/01/2031		166		167,991
6.20%, 03/15/2040		69		67,542
6.45%, 09/15/2036		202		206,080
6.60%, 03/15/2046		35		36,020
6.625%, 09/01/2030		166		171,525
7.50%, 05/01/2031		187		200,292
7.875%, 09/15/2031		12		13,245
8.50%, 07/15/2027		184		198,899
8.875%, 07/15/2030		173		195,358
Parkland Corp./Alberta 4.50%, 10/01/2029(a)		220		184,243
4.625%, 05/01/2030(a)		220		183,277
5.875%, 07/15/2027(a)		90		85,277
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 02/15/2028		201		177,888
7.25%, 06/15/2025		212		208,924
PDC Energy, Inc. 5.75%, 05/15/2026		1,575		1,498,158
6.125%, 09/15/2024		593		587,975
Petrofac Ltd. 9.75%, 11/15/2026(a)		200		112,977
Range Resources Corp. 4.875%, 05/15/2025		195		185,866
Rockies Express Pipeline LLC 6.875%, 04/15/2040(a)		77		64,671
SM Energy Co. 6.75%, 09/15/2026		26		25,344
Southwestern Energy Co. 5.375%, 02/01/2029		187		173,204
8.375%, 09/15/2028		120		124,281
Strathcona Resources Ltd. 6.875%, 08/01/2026(a)		227		166,596
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 8.50%, 10/15/2026(a)		1,086		1,031,125
Sunnova Energy Corp. 5.875%, 09/01/2026(a)		503		449,549
Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/2029		114		99,713
5.875%, 03/15/2028		774		733,791
6.00%, 04/15/2027		117		115,519
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 6.00%, 12/31/2030(a)		104		90,457

21

	Principal Amount (000)			U.S. $ Value
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 6.00%, 09/01/2031(a)		U.S.$	79	$	68,039
Talos Production, Inc. 12.00%, 01/15/2026			435		458,892
Topaz Solar Farms LLC 5.75%, 09/30/2039(a)			112		105,618
Transocean Guardian Ltd. 5.875%, 01/15/2024(a)			153		149,433
Transocean Phoenix 2 Ltd. 7.75%, 10/15/2024(a)			867		859,710
Transocean Pontus Ltd. 6.125%, 08/01/2025(a)			156		153,763
Transocean Poseidon Ltd. 6.875%, 02/01/2027(a)			19		18,757
Transocean, Inc. 11.50%, 01/30/2027(a)			159		159,696
USA Compression Partners LP/USA Compression Finance Corp. 6.875%, 09/01/2027			225		211,015
Venture Global Calcasieu Pass LLC 4.125%, 08/15/2031(a)			890		758,733
Weatherford International Ltd. 8.625%, 04/30/2030(a)			175		168,989
11.00%, 12/01/2024(a)			11		11,302
					41,119,009
Other Industrial – 0.2%
AECOM 5.125%, 03/15/2027			210		203,277
Belden, Inc. 3.375%, 07/15/2031(a)		EUR	1,530		1,363,987
Grand Canyon University 4.125%, 10/01/2024		U.S.$	145		136,185
Interface, Inc. 5.50%, 12/01/2028(a)			258		212,487
					1,915,936
Services – 3.3%
ADT Security Corp. (The) 4.125%, 06/15/2023			83		82,465
4.875%, 07/15/2032(a)			54		45,935
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/2029(a)			527		385,547
6.625%, 07/15/2026(a)			312		286,113
9.75%, 07/15/2027(a)			1,287		1,129,700
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 3.625%, 06/01/2028(a)		EUR	255		215,490
4.625%, 06/01/2028(a)		U.S.$	1,727		1,438,671
4.875%, 06/01/2028(a)		GBP	1,010		957,014

22

	Principal Amount (000)		U.S. $ Value
AMN Healthcare, Inc. 4.625%, 10/01/2027(a)	U.S.$	205	$	188,983
ANGI Group LLC 3.875%, 08/15/2028(a)		2,883		2,173,228
Aptim Corp. 7.75%, 06/15/2025(a)		1,378		959,809
APX Group, Inc. 5.75%, 07/15/2029(a)		1,504		1,246,961
6.75%, 02/15/2027(a)		415		399,789
Aramark Services, Inc. 5.00%, 02/01/2028(a)		224		209,338
6.375%, 05/01/2025(a)		217		214,864
ASGN, Inc. 4.625%, 05/15/2028(a)		227		205,762
Block, Inc. 2.75%, 06/01/2026 463				413,847
3.50%, 06/01/2031		1,474		1,176,515
Cars.com, Inc. 6.375%, 11/01/2028(a)		830		739,554
CoreLogic, Inc. 4.50%, 05/01/2028(a)		119		91,283
Garda World Security Corp. 4.625%, 02/15/2027(a)		102		90,205
6.00%, 06/01/2029(a)		99		80,929
9.50%, 11/01/2027(a)		479		463,822
Gartner, Inc. 3.625%, 06/15/2029 (a)		177		155,156
GrubHub Holdings, Inc. 5.50%, 07/01/2027(a)		234		169,500
IHS Markit Ltd. 4.125%, 08/01/2023 202				200,359
4.75%, 08/01/2028		104		100,748
ION Trading Technologies SARL 5.75%, 05/15/2028(a)		1,067		890,069
Korn Ferry 4.625%, 12/15/2027(a)		402		370,246
Millennium Escrow Corp. 6.625%, 08/01/2026(a)		1,894		1,205,658
Monitronics International, Inc. 0.00%, 04/01/2020(b) (c) (d) (e)		958		0
MPH Acquisition Holdings LLC 5.50%, 09/01/2028(a)		911		710,970
5.75%, 11/01/2028(a) (g)		3,593		2,387,917
Neptune Bidco US, Inc. 9.29%, 04/15/2029(a)		2,080		1,959,866
Photo Holdings Merger Sub, Inc. 8.50%, 10/01/2026(a)		102		58,614
Prime Security Services Borrower LLC/Prime Finance, Inc. 3.375%, 08/31/2027(a)		195		169,450
5.25%, 04/15/2024(a)		25		24,587
6.25%, 01/15/2028(a)		1,619		1,478,321

23

	Principal Amount (000)			U.S. $ Value
Q-Park Holding I BV 1.50%, 03/01/2025(a)		EUR	184	$	180,087
2.00%, 03/01/2027(a)			579		516,506
Sabre GLBL, Inc. 9.25%, 04/15/2025(a)		U.S.$	378		378,906
11.25%, 12/15/2027(a)			2,483		2,555,586
Service Corp. International/US 3.375%, 08/15/2030			239		196,451
4.00%, 05/15/2031			166		140,901
Sotheby’s/Bidfair Holdings, Inc. 5.875%, 06/01/2029(a)			205		171,917
TriNet Group, Inc. 3.50%, 03/01/2029(a)			238		197,139
Verisure Holding AB 3.25%, 02/15/2027(a)		EUR	885		822,109
3.875%, 07/15/2026(a)			934		903,882
Verscend Escrow Corp. 9.75%, 08/15/2026 (a)		U.S.$	551		539,738
WASH Multifamily Acquisition, Inc. 5.75%, 04/15/2026(a)			8		7,540
ZipRecruiter, Inc. 5.00%, 01/15/2030(a)			25		20,593
					29,708,640
Technology – 2.6%
Ahead DB Holdings LLC 6.625%, 05/01/2028(a)			725		582,863
AthenaHealth Group, Inc. 6.50%, 02/15/2030(a) (g)			1,754		1,299,414
Cablevision Lightpath LLC 5.625%, 09/15/2028(a)			1,060		793,259
Central Parent, Inc. / CDK Global, Inc. 7.25%, 06/15/2029(a)			164		160,688
Centurion Bidco SpA 5.875%, 09/30/2026(a)		EUR	946		871,628
Clarivate Science Holdings Corp. 4.875%, 07/01/2029(a)		U.S.$	173		147,099
Cloud Software Group Holdings, Inc. 6.50%, 03/31/2029(a)			174		147,334
CommScope Technologies LLC 5.00%, 03/15/2027(a)			255		174,892
6.00%, 06/15/2025(a)			158		143,790
CommScope, Inc. 4.75%, 09/01/2029(a)			637		514,413
6.00%, 03/01/2026(a)			276		254,719
7.125%, 07/01/2028(a)			195		140,236
8.25%, 03/01/2027(a)			86		67,284
Conduent Business Services LLC/Conduent State & Local Solutions, Inc. 6.00%, 11/01/2029(a)			136		111,169

24

	Principal Amount (000)			U.S. $ Value
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028(a)		U.S.$	51	$	46,606
CWT Travel Group, Inc. 8.50%, 11/19/2026(a)			1,195		1,016,051
Diebold Nixdorf, Inc. 9.375%, 07/15/2025			51		34,680
Entegris Escrow Corp. 5.95%, 06/15/2030(a)			1,146		1,057,242
Fair Isaac Corp. 4.00%, 06/15/2028(a)			160		145,146
GoTo Group, Inc. 5.50%, 09/01/2027(a)			1,201		648,240
Imola Merger Corp. 4.75%, 05/15/2029(a)			968		838,714
MicroStrategy, Inc. 6.125%, 06/15/2028(a)			40		29,000
NCR Corp. 5.125%, 04/15/2029(a)			963		805,352
5.75%, 09/01/2027(a)			89		85,306
NortonLifeLock, Inc. 6.75%, 09/30/2027(a)			1,271		1,247,919
7.125%, 09/30/2030(a)			771		759,525
ON Semiconductor Corp. 3.875%, 09/01/2028(a)			216		188,812
Playtech PLC 4.25%, 03/07/2026(a)		EUR	101		101,584
Playtika Holding Corp. 4.25%, 03/15/2029(a)		U.S.$	867		680,372
Presidio Holdings, Inc. 4.875%, 02/01/2027(a)			98		89,411
8.25%, 02/01/2028(a)			1,588		1,471,656
Rackspace Technology Global, Inc. 3.50%, 02/15/2028(a)			3,885		2,261,646
5.375%, 12/01/2028(a)			82		36,040
Science Applications International Corp. 4.875%, 04/01/2028(a)			105		97,591
Seagate HDD Cayman 3.375%, 07/15/2031			45		34,062
4.091%, 06/01/2029			1,382		1,143,872
4.125%, 01/15/2031			38		29,701
5.75%, 12/01/2034			194		166,019
Sensata Technologies BV 5.00%, 10/01/2025(a)			219		214,111
5.625%, 11/01/2024(a)			53		52,619
5.875%, 09/01/2030(a)			200		189,492
Sensata Technologies, Inc. 3.75%, 02/15/2031(a)			474		392,219
TeamSystem SpA 3.50%, 02/15/2028(a)		EUR	579		517,982
TTM Technologies, Inc. 4.00%, 03/01/2029(a)		U.S.$	58		49,795

25

	Principal Amount (000)			U.S. $ Value
Vericast Corp. 11.00%, 09/15/2026(a)		U.S.$	130	$	138,289
Veritas US, Inc./Veritas Bermuda Ltd. 7.50%, 09/01/2025(a)			2,993		2,052,207
Viasat, Inc. 5.625%, 09/15/2025(a)			161		150,272
Virtusa Corp. 7.125%, 12/15/2028(a)			717		550,087
Xerox Corp. 6.75%, 12/15/2039			42		31,455
Xerox Holdings Corp. 5.50%, 08/15/2028(a)			248		200,155
					22,962,018
Transportation - Airlines – 0.8%
Allegiant Travel Co. 7.25%, 08/15/2027(a)			127		120,892
American Airlines Pass Through Trust 3.375%, 05/01/2027			257		210,331
American Airlines, Inc. 11.75%, 07/15/2025(a)			113		121,570
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 04/20/2026(a)			1,007		968,394
5.75%, 04/20/2029(a)			3,265		2,986,808
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 01/20/2026(a)			1,242		1,123,786
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 09/20/2025(a)			1,590		1,584,246
					7,116,027
Transportation - Services – 1.2%
AerCap Global Aviation Trust 6.50%, 06/15/2045(a)			235		223,247
Albion Financing 1 SARL/Aggreko Holdings, Inc. 5.25%, 10/15/2026(a)		EUR	625		584,153
6.125%, 10/15/2026(a)		U.S.$	657		587,095
Atlantia SpA 1.875%, 02/12/2028(a)		EUR	1,915		1,703,522
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/2028(a)		U.S.$	825		699,222
5.75%, 07/15/2027(a)			1,031		937,111
BCP V Modular Services Finance II PLC 4.75%, 11/30/2028(a)		EUR	132		117,931
BCP V Modular Services Finance PLC 6.75%, 11/30/2029			1,214		955,448
EC Finance PLC 3.00%, 10/15/2026			302		292,369
Hertz Corp. (The) 4.625%, 12/01/2026(a)		U.S.$	1,307		1,095,072
5.00%, 12/01/2029(a)			718		544,567

26

	Principal Amount (000)			U.S. $ Value
Kapla Holding SAS 3.375%, 12/15/2026(a)		EUR	422	$	400,430
Loxam SAS 2.875%, 04/15/2026(a)			301		286,229
4.50%, 02/15/2027			629		615,414
PROG Holdings, Inc. 6.00%, 11/15/2029(a)		U.S.$	1,550		1,247,633
United Rentals North America, Inc. 3.75%, 01/15/2032			67		54,729
3.875%, 02/15/2031			137		115,299
4.00%, 07/15/2030			150		128,390
Williams Scotsman International, Inc. 4.625%, 08/15/2028(a)			132		120,060
					10,707,921
					441,335,667
Financial Institutions – 5.9%
Banking – 0.8%
Ally Financial, Inc. Series C 4.70%, 05/15/2028(k)			256		160,320
Bread Financial Holdings, Inc. 4.75%, 12/15/2024(a)			1,253		1,108,737
7.00%, 01/15/2026(a)			600		522,000	��
Credit Suisse Group AG 6.25%, 12/18/2024(a) (k)			1,404		1,102,836
6.375%, 08/21/2026(a) (k)			1,290		928,800
7.50%, 07/17/2023(a) (k)			1,415		1,139,131
Discover Financial Services Series D 6.125%, 06/23/2025(k)			1,723		1,676,116
Freedom Mortgage Corp. 7.625%, 05/01/2026(a)			35		29,427
8.25%, 04/15/2025(a)			222		200,935
Societe Generale SA 8.00%, 09/29/2025(a) (k)			601		604,313
					7,472,615
Brokerage – 0.9%
Advisor Group Holdings, Inc. 10.75%, 08/01/2027(a)			1,425		1,453,525
AG Issuer LLC 6.25%, 03/01/2028(a)			376		346,445
AG TTMT Escrow Issuer LLC 8.625%, 09/30/2027(a)			787		794,357
Hightower Holding LLC 6.75%, 04/15/2029(a)			2,936		2,457,691
NFP Corp. 6.875%, 08/15/2028(a)			2,714		2,247,166
7.50%, 10/01/2030(a)			1,323		1,243,620
					8,542,804

27

	Principal Amount (000)			U.S. $ Value
Finance – 1.9%
Aircastle Ltd. 5.25%, 06/15/2026(a) (k)		U.S.$	1,374	$	1,029,602
Castlelake Aviation Finance DAC 5.00%, 04/15/2027(a)			1,036		898,963
CNG Holdings, Inc. 12.50%, 06/15/2024(a)			861		728,812
Compass Group Diversified Holdings LLC 5.25%, 04/15/2029(a)			1,277		1,095,097
Curo Group Holdings Corp. 7.50%, 08/01/2028(a)			3,717		1,722,280
Enact Holdings, Inc. 6.50%, 08/15/2025(a)			207		203,503
Enova International, Inc. 8.50%, 09/01/2024(a)			343		325,377
8.50%, 09/15/2025(a)			1,996		1,844,451
Home Point Capital, Inc. 5.00%, 02/01/2026 (a)			25		17,089
Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.375%, 02/01/2029			125		106,280
ILFC E-Capital Trust II 6.538% (LIBOR 3 Month + 1.80%), 12/21/2065 (a) (i)			2,000		1,296,267
Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/2028(a)			2,234		1,824,354
LD Holdings Group LLC 6.50%, 11/01/2025(a)			106		72,253
Lincoln Financing SARL 3.625%, 04/01/2024(a)		EUR	390		410,765
Midcap Financial Issuer Trust 5.625%, 01/15/2030(a)		U.S.$	216		174,734
Nationstar Mortgage Holdings, Inc. 5.125%, 12/15/2030(a)			128		98,427
6.00%, 01/15/2027(a)			176		157,864
Navient Corp. 4.875%, 03/15/2028			1,706		1,400,397
5.00%, 03/15/2027			792		692,723
5.50%, 03/15/2029			79		64,787
5.625%, 08/01/2033			40		28,763
6.75%, 06/25/2025			954		917,064
6.75%, 06/15/2026			835		797,511
OneMain Finance Corp. 3.50%, 01/15/2027			174		144,151
3.875%, 09/15/2028			24		19,094
5.375%, 11/15/2029			124		101,586
PennyMac Financial Services, Inc. 5.375%, 10/15/2025(a)			85		77,013
5.75%, 09/15/2031(a)			135		109,358
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. 3.625%, 03/01/2029(a)			225		178,530

28

	Principal Amount (000)			U.S. $ Value
Springleaf Finance Corp. 7.125%, 03/15/2026		U.S.$	180	$	171,147
VistaJet Malta Finance PLC/XO Management Holding, Inc. 6.375%, 02/01/2030(a)			15		11,991
7.875%, 05/01/2027(a)			185		166,963
					16,887,196
Insurance – 0.6%
Acrisure LLC/Acrisure Finance, Inc. 10.125%, 08/01/2026 (a)			1,086		1,061,314
Ardonagh Midco 2 PLC 11.50% (11.50% Cash or 12.75% PIK), 01/15/2027(a) (f)			1,926		1,820,001
AssuredPartners, Inc. 5.625%, 01/15/2029(a)			1,951		1,620,833
HUB International Ltd. 7.00%, 05/01/2026(a)			292		286,631
Molina Healthcare, Inc. 3.875%, 05/15/2032(a)			206		171,217
4.375%, 06/15/2028(a)			222		202,559
					5,162,555
Other Finance – 0.6%
Altice France Holding SA 10.50%, 05/15/2027(a)			448		342,410
Armor Holdco, Inc. 8.50%, 11/15/2029(a)			1,967		1,468,827
Coinbase Global, Inc. 3.375%, 10/01/2028(a)			852		450,107
3.625%, 10/01/2031(a)			818		394,852
Intrum AB 3.00%, 09/15/2027(a) (g)		EUR	360		306,844
3.125%, 07/15/2024(a)			255		261,182
3.50%, 07/15/2026(a)			705		630,927
4.875%, 08/15/2025			683		664,512
Motion Finco SARL 7.00%, 05/15/2025(a)			885		942,980
					5,462,641
REITs – 1.1%
ADLER Group SA 2.75%, 11/13/2026(a)			200		84,884
Aedas Homes Opco SLU 4.00%, 08/15/2026			1,580		1,424,235
American Finance Trust, Inc. (The) / American Finance Operating Partner LP 4.50%, 09/30/2028(a)		U.S.$	27		19,844
Apollo Commercial Real Estate Finance, Inc. 4.625%, 06/15/2029(a)			14		11,203

29

	Principal Amount (000)			U.S. $ Value
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL 4.50%, 04/01/2027(a)		U.S.$	2,519	$	2,129,699
5.75%, 05/15/2026(a)			316		291,106
Diversified Healthcare Trust 9.75%, 06/15/2025			477		457,403
Hunt Cos., Inc. 5.25%, 04/15/2029(a)			32		27,035
Iron Mountain, Inc. 4.50%, 02/15/2031(a)			53		43,656
4.875%, 09/15/2029(a)			161		140,267
5.25%, 03/15/2028(a)			1,576		1,449,716
5.625%, 07/15/2032(a)			169		147,394
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp 4.25%, 02/01/2027(a)			13		10,947
4.75%, 06/15/2029(a)			99		79,933
Neinor Homes SA 4.50%, 10/15/2026(a)		EUR	786		714,949
Realogy Group LLC/Realogy Co-Issuer Corp. 5.75%, 01/15/2029(a)		U.S.$	236		178,111
Rithm Capital Corp. 6.25%, 10/15/2025(a)			18		16,158
Service Properties Trust 4.75%, 10/01/2026			48		37,939
4.95%, 10/01/2029			85		59,494
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 7.875%, 02/15/2025(a)			187		181,493
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC 4.75%, 04/15/2028(a)			244		194,861
Via Celere Desarrollos Inmobiliarios SA 5.25%, 04/01/2026		EUR	771		738,659
Vivion Investments SARL 3.00%, 08/08/2024(a)			1,000		835,015
3.50%, 11/01/2025(a)			400		313,237
					9,587,238
					53,115,049
Utility – 0.8%
Electric – 0.4%
Algonquin Power & Utilities Corp. 4.75%, 01/18/2082		U.S.$	242		196,207
Calpine Corp. 3.75%, 03/01/2031(a)			72		58,218
5.125%, 03/15/2028(a)			362		324,036
ContourGlobal Power Holdings SA 3.125%, 01/01/2028(a)		EUR	167		147,131

30

	Principal Amount (000)			U.S. $ Value
FirstEnergy Corp. Series C 3.40%, 03/01/2050		U.S.$	51	$	33,701
NextEra Energy Operating Partners LP 3.875%, 10/15/2026(a)			180		165,355
NRG Energy, Inc. 3.375%, 02/15/2029(a)			185		149,367
3.625%, 02/15/2031(a)			13		9,947
3.875%, 02/15/2032(a)			12		9,047
5.25%, 06/15/2029(a)			225		198,786
5.75%, 01/15/2028			207		194,472
6.625%, 01/15/2027			7		6,953
PG&E Corp. 5.00%, 07/01/2028			209		191,251
5.25%, 07/01/2030			38		34,579
Vistra Corp. 7.00%, 12/15/2026(a) (k)			835		761,196
8.00%, 10/15/2026(a) (k)			1,003		959,172
Vistra Operations Co. LLC 4.375%, 05/01/2029(a)			207		178,602
5.00%, 07/31/2027(a)			163		151,689
5.625%, 02/15/2027(a)			163		155,670
					3,925,379
Natural Gas – 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.75%, 05/20/2027			230		215,016
5.875%, 08/20/2026			334		317,825
UGI International LLC 2.50%, 12/01/2029(a)		EUR	1,169		953,259
					1,486,100
Other Utility – 0.2%
Solaris Midstream Holdings LLC 7.625%, 04/01/2026(a)		U.S.$	1,376		1,370,181
					6,781,660
Total Corporates - Non-Investment Grade (cost $586,116,285)					501,232,376
CORPORATES - INVESTMENT GRADE – 14.0%
Financial Institutions – 7.3%
Banking – 4.7%
AIB Group PLC 7.583%, 10/14/2026(a)			1,640		1,668,524
Ally Financial, Inc. 8.00%, 11/01/2031			39		40,329
Series B 4.70%, 05/15/2026(g) (k)			2,950		1,980,233

31

	Principal Amount (000)			U.S. $ Value
Banco Bilbao Vizcaya Argentaria SA Series 9 6.50%, 03/05/2025(k)		U.S.$	1,200	$	1,151,316
Banco Santander SA 5.179%, 11/19/2025			400		395,219
Bank of America Corp.
Series X 6.25%, 09/05/2024(k)			2,047		1,981,055
Series Z 6.50%, 10/23/2024(k)			15		14,834
Bank of Ireland Group PLC 6.253%, 09/16/2026(a)			655		651,308
Barclays PLC 7.125%, 06/15/2025(k)		GBP	404		462,435
7.25%, 03/15/2023(a) (k)			219		261,934
7.385%, 11/02/2028		U.S.$	1,696		1,762,963
8.00%, 03/15/2029(k)			1,402		1,320,976
BNP Paribas SA 4.625%, 02/25/2031(a) (k)			1,550		1,199,939
7.75%, 08/16/2029(a) (k)			755		751,257
CaixaBank SA 5.875%, 10/09/2027(a) (k)		EUR	1,000		979,859
Citigroup, Inc. 5.95%, 01/30/2023(k)		U.S.$	1,759		1,746,371
Series W 4.00%, 12/10/2025(k)			413		360,248
Credit Agricole SA 8.125%, 12/23/2025(a) (k)			1,461		1,477,509
8.125%, 03/23/2171(k)			448		454,220
Credit Suisse Group AG 6.373%, 07/15/2026(a)			712		668,206
Discover Financial Services 6.70%, 11/29/2032			286		291,043
Dresdner Funding Trust I 8.151%, 06/30/2031(a)			108		111,778
Goldman Sachs Group, Inc. (The) Series P 7.466% (LIBOR 3 Month + 2.87%), 01/30/2023(i) (k)			1,008		978,820
HSBC Holdings PLC 4.75%, 07/04/2029(a) (k)		EUR	1,595		1,465,089
4.762%, 03/29/2033		U.S.$	901		779,135
6.00%, 09/29/2023(a) (k)		EUR	1,819		1,921,395
ING Groep NV 6.50%, 04/16/2025(k)		U.S.$	520		492,128
Intesa Sanpaolo SpA
5.017%, 06/26/2024(a)			548		529,182
5.71%, 01/15/2026(a)			1,444		1,390,733
7.00%, 11/21/2025(a)			355		362,656
Lloyds Banking Group PLC 7.953%, 11/15/2033			854		904,277
NatWest Group PLC 7.472%, 11/10/2026			800		832,912

32

	Principal Amount (000)			U.S. $ Value
Nordea Bank Abp 6.625%, 03/26/2026(a) (k)		U.S.$	3,065	$	3,013,739
Santander UK Group Holdings PLC 6.833%, 11/21/2026			3,258		3,295,617
Societe Generale SA 8.00%, 09/29/2025(a) (k)			2,007		2,017,785
Standard Chartered PLC 7.75%, 04/02/2023(a) (k)			232		231,161
7.75%, 08/15/2027(a) (k)			255		251,827
7.776%, 11/16/2025(a)			1,355		1,397,471
Swedbank AB Series NC5 5.625%, 09/17/2024(a) (k)			1,000		957,701
UBS Group AG 7.00%, 02/19/2025 (a) (k)			620		612,995
UniCredit SpA 5.861%, 06/19/2032(a)			622		546,365
					41,712,544
Brokerage – 0.1%
Charles Schwab Corp. (The) Series I 4.00%, 06/01/2026(k)			1,251		1,084,807
LPL Holdings, Inc. 4.375%, 05/15/2031(a)			75		64,309
					1,149,116
Finance – 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust 3.30%, 01/30/2032			913		712,461
Air Lease Corp. Series B 4.65%, 06/15/2026(k)			1,229		1,036,622
Aircastle Ltd. 4.25%, 06/15/2026			33		31,069
5.25%, 08/11/2025(a)			2,239		2,155,724
Aviation Capital Group LLC 3.50%, 11/01/2027(a)			295		258,134
4.125%, 08/01/2025(a)			395		367,073
4.875%, 10/01/2025(a)			319		300,518
Huarong Finance 2017 Co., Ltd. 4.75%, 04/27/2027(a)			200		174,912
Huarong Finance 2019 Co., Ltd. 3.75%, 05/29/2024(a)			343		324,521
Huarong Finance II Co., Ltd. 4.875%, 11/22/2026(a)			430		381,974
5.50%, 01/16/2025(a)			1,082		1,019,650
United Wholesale Mortgage LLC 5.50%, 04/15/2029(a)			13		10,364
5.75%, 06/15/2027(a)			15		12,900
					6,785,922

33

	Principal Amount (000)			U.S. $ Value
Insurance – 1.4%
Allstate Corp. (The) 6.50%, 05/15/2057		U.S.$	1,657	$	1,607,623
Centene Corp. 2.625%, 08/01/2031			2,749		2,159,203
Enstar Finance LLC 5.50%, 01/15/2042			216		173,170
Global Atlantic Fin Co. 4.70%, 10/15/2051(a)			62		47,680
Liberty Mutual Group, Inc.
4.125%, 12/15/2051(a)			43		34,857
4.30%, 02/01/2061(a)			32		19,608
7.80%, 03/15/2037(a)			2,187		2,402,824
MetLife, Inc. 10.75%, 08/01/2039			2,350		3,139,907
MGIC Investment Corp. 5.25%, 08/15/2028			189		174,555
Prudential Financial, Inc. 5.20%, 03/15/2044			340		326,965
5.625%, 06/15/2043			1,082		1,065,774
Transatlantic Holdings, Inc. 8.00%, 11/30/2039			1,261		1,556,384
					12,708,550
REITs – 0.3%
MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/2027			120		100,980
5.25%, 08/01/2026			137		125,081
Office Properties Income Trust 3.45%, 10/15/2031			1,582		1,066,410
Trust Fibra Uno 4.869%, 01/15/2030(a)			605		518,901
VICI Properties LP/VICI Note Co., Inc. 5.75%, 02/01/2027(a)			767		747,132
					2,558,504
					64,914,636
Industrial – 6.5%
Basic – 1.0%
ArcelorMittal SA 6.75%, 03/01/2041			362		352,094
Arconic Corp. 6.00%, 05/15/2025(a)			774		765,042
Braskem Netherlands Finance BV 4.50%, 01/31/2030(a)			1,342		1,133,990
Celanese US Holdings LLC 5.90%, 07/05/2024			626		625,668
6.05%, 03/15/2025			626		624,222
Freeport Indonesia PT 4.763%, 04/14/2027(a)			281		269,440
Freeport-McMoRan, Inc. 5.45%, 03/15/2043			694		625,454

34

	Principal Amount (000)			U.S. $ Value
Georgia-Pacific LLC 8.875%, 05/15/2031		U.S.$	1	$	1,222
Industrias Penoles SAB de CV 5.65%, 09/12/2049(a)			386		360,982
INEOS Finance PLC 2.875%, 05/01/2026(a)		EUR	1,692		1,562,211
3.375%, 03/31/2026(a)			351		334,413
MEGlobal Canada ULC 5.875%, 05/18/2030(a)		U.S.$	343		344,029
Nexa Resources SA 6.50%, 01/18/2028(a)			773		748,022
Smurfit Kappa Treasury Funding DAC 7.50%, 11/20/2025			238		253,196
Suzano Austria GmbH 3.75%, 01/15/2031			131		109,369
5.00%, 01/15/2030			421		393,846
Series DM3N 3.125%, 01/15/2032			331		257,766
					8,760,966
Capital Goods – 0.3%
General Electric Co. Series D 8.099% (LIBOR 3 Month + 3.33%), 03/15/2023(i) (k)			1,681		1,664,617
Howmet Aerospace, Inc. 3.00%, 01/15/2029			198		167,346
5.125%, 10/01/2024			164		161,907
5.90%, 02/01/2027			119		118,671
5.95%, 02/01/2037			89		86,432
6.875%, 05/01/2025			154		158,166
Weir Group PLC (The) 2.20%, 05/13/2026(a)			200		177,915
					2,535,054
Communications - Media – 0.7%
Directv Financing LLC/Directv Financing Co-Obligor, Inc. 5.875%, 08/15/2027(a)			2,295		2,058,089
Discovery Communications LLC 4.125%, 05/15/2029			179		155,232
Netflix, Inc. 4.875%, 04/15/2028			247		239,996
Paramount Global 6.25%, 02/28/2057			200		161,755
6.375%, 03/30/2062			188		152,769
Prosus NV 4.027%, 08/03/2050(a)			331		209,937
Telecomunicaciones Digitales SA 4.50%, 01/30/2030(a)			505		449,766
Warnermedia Holdings, Inc. 3.755%, 03/15/2027(a)			745		672,395
4.279%, 03/15/2032(a)			1,034		852,550

35

	Principal Amount (000)			U.S. $ Value
Weibo Corp. 3.375%, 07/08/2030		U.S.$	1,158	$	882,468
					5,834,957
Communications - Telecommunications – 0.2%
Sprint Capital Corp. 6.875%, 11/15/2028			154		160,152
8.75%, 03/15/2032			790		939,758
Sprint Corp. 7.125%, 06/15/2024			160		163,251
7.625%, 02/15/2025			165		170,846
7.625%, 03/01/2026			186		195,729
					1,629,736
Consumer Cyclical - Automotive – 0.1%
General Motors Co. 5.20%, 04/01/2045			19		15,535
General Motors Financial Co., Inc. 5.65%, 01/17/2029			30		29,444
Lear Corp. 3.50%, 05/30/2030			3		2,535
4.25%, 05/15/2029			17		15,308
Nissan Motor Co., Ltd. 4.345%, 09/17/2027(a)			1,084		981,449
					1,044,271
Consumer Cyclical - Entertainment – 0.2%
Mattel, Inc. 3.375%, 04/01/2026(a)			1,152		1,061,459
3.75%, 04/01/2029(a)			383		336,635
5.875%, 12/15/2027(a)			578		566,959
					1,965,053
Consumer Cyclical - Other – 0.6%
Genting New York LLC/GENNY Capital, Inc. 3.30%, 02/15/2026(a)			458		401,936
Las Vegas Sands Corp. 3.50%, 08/18/2026			166		150,053
MDC Holdings, Inc. 6.00%, 01/15/2043			1,881		1,539,171
Owens Corning 7.00%, 12/01/2036			777		828,781
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.625%, 04/16/2029(a)			1,200		852,633
4.625%, 04/06/2031(a)			1,100		737,503
Sands China Ltd. 3.75%, 08/08/2031			285		225,280
4.875%, 06/18/2030			935		807,455
					5,542,812
Consumer Cyclical - Retailers – 0.2%
Macy’s Retail Holdings LLC 5.875%, 04/01/2029(a)			552		491,013

36

	Principal Amount (000)			U.S. $ Value
5.875%, 03/15/2030(a)		U.S.$	1,064	$	924,855
6.125%, 03/15/2032(a)			688		578,285
Nordstrom, Inc. 4.25%, 08/01/2031			188		135,618
4.375%, 04/01/2030			47		35,282
5.00%, 01/15/2044			26		15,767
					2,180,820
Consumer Non - Cyclical – 0.9%
180 Medical, Inc. 3.875%, 10/15/2029(a)			1,040		893,670
BAT Capital Corp. 7.75%, 10/19/2032			665		715,560
Charles River Laboratories International, Inc. 3.75%, 03/15/2029(a)			770		680,790
4.00%, 03/15/2031(a)			991		857,528
Newell Brands, Inc. 4.45%, 04/01/2026			687		650,056
4.875%, 06/01/2025			170		165,850
5.625%, 04/01/2036			57		49,253
5.75%, 04/01/2046			41		32,236
6.375%, 09/15/2027			1,500		1,489,295
6.625%, 09/15/2029			1,500		1,480,511
Pilgrim’s Pride Corp. 3.50%, 03/01/2032(a)			1,249		976,290
					7,991,039
Energy – 1.2%
Antero Resources Corp. 7.625%, 02/01/2029(a)			24		24,312
Apache Corp. 4.25%, 01/15/2030			146		129,194
4.75%, 04/15/2043			74		55,814
5.10%, 09/01/2040			134		111,281
6.00%, 01/15/2037			214		198,548
Cenovus Energy, Inc. 6.75%, 11/15/2039			30		31,075
Cheniere Energy Partners LP 4.50%, 10/01/2029			603		542,715
Cheniere Energy, Inc. 4.625%, 10/15/2028			141		127,864
Continental Resources, Inc./OK 5.75%, 01/15/2031(a)			970		903,808
Ecopetrol SA 4.625%, 11/02/2031			588		448,350
5.875%, 11/02/2051			118		79,355
6.875%, 04/29/2030			1,035		936,675
Energy Transfer LP 3.90%, 07/15/2026			32		30,258
4.40%, 03/15/2027			1,466		1,394,532
4.75%, 01/15/2026			25		24,396
EQT Corp. 3.90%, 10/01/2027			291		268,604

37

	Principal Amount (000)			U.S. $ Value
Hunt Oil Co. of Peru LLC Sucursal Del Peru 6.375%, 06/01/2028(a)		U.S.$	177	$	167,312
Oleoducto Central SA 4.00%, 07/14/2027(a)			424		372,272
Tengizchevroil Finance Co. International Ltd. 3.25%, 08/15/2030(a)			1,212		859,611
Var Energi ASA 7.50%, 01/15/2028(a)			894		909,000
8.00%, 11/15/2032(a)			1,300		1,338,499
Western Midstream Operating LP 3.35%, 02/01/2025			150		141,933
3.95%, 06/01/2025			225		213,303
4.30%, 02/01/2030			801		701,615
4.50%, 03/01/2028			381		349,141
4.75%, 08/15/2028			453		415,027
5.45%, 04/01/2044			193		161,198
5.50%, 02/01/2050			96		79,378
					11,015,070
Other Industrial – 0.2%
Alfa SAB de CV 5.25%, 03/25/2024(a)			1,580		1,565,977
Fluor Corp. 4.25%, 09/15/2028			227		205,830
					1,771,807
Services – 0.1%
Elis SA 1.625%, 04/03/2028(a)		EUR	300		273,427
Expedia Group, Inc. 6.25%, 05/01/2025(a)		U.S.$	176		177,271
Verisk Analytics, Inc. 5.50%, 06/15/2045			5		4,686
					455,384
Technology – 0.5%
Booz Allen Hamilton, Inc. 3.875%, 09/01/2028(a)			166		147,998
Broadcom, Inc. 4.00%, 04/15/2029(a)			211		192,015
4.15%, 04/15/2032(a)			1,017		893,956
Dell International LLC/EMC Corp. 8.35%, 07/15/2046			130		149,128
HP, Inc. 5.50%, 01/15/2033			1,353		1,272,672
Lenovo Group Ltd. 3.421%, 11/02/2030(a)			289		227,371
5.831%, 01/27/2028(a)			597		577,591
MSCI, Inc. 3.25%, 08/15/2033(a)			60		46,318

38

	Principal Amount (000)			U.S. $ Value
3.625%, 09/01/2030(a)		U.S.$	185	$	154,131
3.625%, 11/01/2031(a)			156		129,805
Nokia Oyj 6.625%, 05/15/2039			194		185,671
Western Digital Corp. 2.85%, 02/01/2029			27		20,882
3.10%, 02/01/2032			172		123,682
					4,121,220
Transportation - Airlines – 0.3%
American Airlines Pass Through Trust 4.95%, 01/15/2023			89		88,255
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028(a)			716		673,913
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 6.50%, 06/20/2027(a)			2,236		2,227,747
					2,989,915
Transportation - Railroads – 0.0%
Lima Metro Line 2 Finance Ltd. 4.35%, 04/05/2036(a)			407		360,967
					58,199,071
Utility – 0.2%
Electric – 0.2%
Cometa Energia SA de CV 6.375%, 04/24/2035(a)			471		446,104
Enel Finance International NV 7.50%, 10/14/2032(a)			1,190		1,266,541
FirstEnergy Corp. Series C 5.35%, 07/15/2047			48		42,900
					1,755,545
Total Corporates - Investment Grade (cost $130,876,860)					124,869,252
EMERGING MARKETS - CORPORATE BONDS – 5.1%
Industrial – 4.6%
Basic – 1.3%
Braskem Idesa SAPI 6.99%, 02/20/2032(a)			652		464,550
7.45%, 11/15/2029(a)			1,010		797,142
Cia de Minas Buenaventura SAA 5.50%, 07/23/2026(a)			1,072		917,097
Consolidated Energy Finance SA 5.625%, 10/15/2028(a)			196		167,160
CSN Inova Ventures 6.75%, 01/28/2028(a)			2,644		2,517,253
Eldorado Gold Corp. 6.25%, 09/01/2029(a)			986		865,523

39

	Principal Amount (000)			U.S. $ Value
First Quantum Minerals Ltd. 6.875%, 10/15/2027(a)		U.S.$	1,215	$	1,133,215
7.50%, 04/01/2025(a)			261		253,953
Indika Energy Capital IV Pte Ltd. 8.25%, 10/22/2025(a)			1,431		1,409,535
OCP SA 3.75%, 06/23/2031(a)			403		335,825
Stillwater Mining Co. 4.00%, 11/16/2026(a)			319		280,381
4.50%, 11/16/2029(a)			309		247,451
Vedanta Resources Finance II PLC 13.875%, 01/21/2024(a)			2,112		1,831,236
Volcan Cia Minera SAA 4.375%, 02/11/2026(a)			345		296,657
					11,516,978
Capital Goods – 0.4%
Cemex SAB de CV 5.125%, 06/08/2026(a) (k)			505		467,125
7.375%, 06/05/2027(a)			424		434,070
Embraer Netherlands Finance BV 5.40%, 02/01/2027			918		879,157
6.95%, 01/17/2028(a)			724		721,421
IHS Holding Ltd. 5.625%, 11/29/2026(a)			402		333,610
6.25%, 11/29/2028(a)			383		307,908
Odebrecht Holdco Finance Ltd. Zero Coupon, 09/10/2058(a)			2,661		4,990
					3,148,281
Communications - Media – 0.1%
Globo Comunicacao e Participacoes SA 4.875%, 01/22/2030(a)			1,130		942,349
Communications - Telecommunications – 0.1%
CT Trust 5.125%, 02/03/2032(a)			230		201,940
Digicel Group Holdings Ltd. 7.00%, 01/17/2023(f) (h) (k)			98		8,811
Digicel International Finance Ltd./Digicel international Holdings Ltd. 8.75%, 05/25/2024(a)			657		563,496
					774,247
Consumer Cyclical - Other – 1.0%
Allwyn International AS 3.875%, 02/15/2027(a)		EUR	170		163,551
Melco Resorts Finance Ltd. 5.375%, 12/04/2029(a)		U.S.$	1,356		1,057,680
5.625%, 07/17/2027(a)			965		819,225
5.75%, 07/21/2028(a)			1,255		1,035,375
MGM China Holdings Ltd. 4.75%, 02/01/2027(a)			1,322		1,161,955

40

	Principal Amount (000)			U.S. $ Value
5.25%, 06/18/2025(a)		U.S.$	222	$	207,542
5.375%, 05/15/2024(a)			398		382,080
5.875%, 05/15/2026(a)			414		383,416
Studio City Co., Ltd. 7.00%, 02/15/2027(a)			289		269,493
Studio City Finance Ltd. 5.00%, 01/15/2029(a)			609		449,899
6.00%, 07/15/2025(a)			448		383,264
6.50%, 01/15/2028(a)			199		152,645
Wynn Macau Ltd. 4.875%, 10/01/2024(a)			286		268,697
5.50%, 01/15/2026(a)			734		668,307
5.50%, 10/01/2027(a)			747		647,089
5.625%, 08/26/2028(a)			717		605,786
					8,656,004
Consumer Cyclical - Retailers – 0.0%
K201640219 South Africa Ltd. Zero Coupon, 06/25/2023(d) (e)		ZAR	66		0
K2016470219 South Africa Ltd. 3.00%, 01/20/2023(d) (f) (h)		U.S.$	1,100		550
K2016470260 South Africa Ltd. 25.00%, 01/20/2023(a) (d) (f)			771		77
					627
Consumer Non-Cyclical – 0.8%
BBFI Liquidating Trust Zero Coupon, 12/30/2099(d) (e) (h) (k)			780		458,561
BRF SA 4.875%, 01/24/2030(a)			455		383,138
Central American Bottling Corp./CBC Bottling Holdco SL/Beliv Holdco SL 5.25%, 04/27/2029(a)			377		352,212
MARB BondCo PLC 3.95%, 01/29/2031(a)			2,318		1,783,846
Natura & Co. Luxembourg Holdings SARL 6.00%, 04/19/2029(a)			837		730,439
Teva Pharmaceutical Finance Netherlands II BV 3.75%, 05/09/2027		EUR	446		411,566
4.375%, 05/09/2030			1,000		881,315
Teva Pharmaceutical Finance Netherlands III BV 4.75%, 05/09/2027		U.S.$	517		465,882
5.125%, 05/09/2029			517		456,511
7.125%, 01/31/2025			1,040		1,025,895
Tonon Luxembourg SA 6.50% (0.50% Cash and 6.00% PIK), 10/31/2024(c) (d) (f) (h) (l)			621		62
Ulker Biskuvi Sanayi AS 6.95%, 10/30/2025(a)			327		272,289
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018(b) (c) (d) (e) (h)			4,090		410

41

	Principal Amount (000)		U.S. $ Value
10.875%, 01/13/2020(b) (c) (d) (e) (h)	U.S.$	480	$	48
11.75%, 02/09/2022(b) (c) (d) (e) (h)		1,620		162
				7,222,336
Energy – 0.7%
Acu Petroleo Luxembourg SARL 7.50%, 01/13/2032(a)		549		498,492
Cosan SA 5.50%, 09/20/2029(a)		461		432,130
Gran Tierra Energy, Inc. 7.75%, 05/23/2027(a)		732		595,178
Greenko Wind Projects Mauritius Ltd. 5.50%, 04/06/2025(a)		957		891,685
Kosmos Energy Ltd. 7.50%, 03/01/2028(a)		545		435,932
7.75%, 05/01/2027(a)		200		165,725
Leviathan Bond Ltd. 5.75%, 06/30/2023(a)		190		188,670
6.50%, 06/30/2027(a)		1,197		1,164,853
MV24 Capital BV 6.748%, 06/01/2034(a)		475		434,150
Peru LNG SRL 5.375%, 03/22/2030(a)		909		756,629
ReNew Power Pvt Ltd. 5.875%, 03/05/2027(a)		202		193,011
SEPLAT Energy PLC 7.75%, 04/01/2026(a)		581		460,914
SierraCol Energy Andina LLC 6.00%, 06/15/2028(a)		558		429,067
				6,646,436
Services – 0.0%
Bidvest Group UK PLC (The) 3.625%, 09/23/2026(a)		454		406,557
Technology – 0.2%
CA Magnum Holdings 5.375%, 10/31/2026(a)		2,039		1,845,560
Transportation - Services – 0.0%
JSW Infrastructure Ltd. 4.95%, 01/21/2029(a)		204		174,140
				41,333,515
Utility – 0.3%
Electric – 0.3%
Adani Green Energy Ltd. 4.375%, 09/08/2024(a)		495		447,140
AES Andes SA 6.35%, 10/07/2079(a)		495		455,400
India Clean Energy Holdings 4.50%, 04/18/2027(a)		511		404,904

42

	Principal Amount (000)		U.S. $ Value
Investment Energy Resources Ltd. 6.25%, 04/26/2029(a)	U.S.$	403	$	377,132
JSW Hydro Energy Ltd. 4.125%, 05/18/2031(a)		482		401,325
Light Servicos de Eletricidade SA/Light Energia SA 4.375%, 06/18/2026(a)		804		670,988
Star Energy Geothermal Wayang Windu Ltd. 6.75%, 04/24/2033(a)		186		175,148
Terraform Global Operating LP 6.125%, 03/01/2026(h)		118		109,875
				3,041,912
Financial Institutions – 0.2%
Finance – 0.0%
Global Aircraft Leasing Co., Ltd. 6.50% (6.50% Cash or 7.25% PIK), 09/15/2024(a) (f)		212		181,028
Insurance – 0.1%
Highlands Holdings Bond Issuer Ltd./Highlands Holdings Bond Co-Issuer, Inc. 7.625% (7.625% Cash or 8.375% PIK), 10/15/2025(a) (f)		416		385,100
Other Finance – 0.0%
OEC Finance Ltd. 4.375%, 10/25/2029(a) (f)		201		4,620
5.25%, 12/27/2033(a) (f)		646		14,589
7.125%, 12/26/2046(a) (f)		1,764		42,783
				61,992
REITs – 0.1%
China Aoyuan Group Ltd. 5.375%, 09/13/2022(a) (b) (c)		247		19,760
5.88%, 03/01/2027(a) (c) (l)		306		23,715
CIFI Holdings Group Co., Ltd. 4.80%, 05/17/2028(a) (c) (l)		320		79,860
KWG Group Holdings Ltd. 5.95%, 08/10/2025(a)		320		130,800
7.40%, 01/13/2027(a)		254		90,170
Powerlong Real Estate Holdings Ltd. 4.90%, 05/13/2026(a)		201		54,270
5.95%, 04/30/2025(a)		505		143,073
Shimao Group Holdings Ltd. 5.20%, 01/16/2027(a) (c) (l)		256		42,240
5.60%, 07/15/2026(a) (c) (l)		378		62,370
Sunac China Holdings Ltd. 5.95%, 04/26/2024(a) (c) (l)		320		66,400
6.50%, 01/26/2026(a) (c) (l)		334		68,470

43

	Principal Amount (000)			U.S. $ Value
Times China Holdings Ltd. 5.75%, 01/14/2027(a)		U.S.$	320	$	51,460
6.20%, 03/22/2026(a)			200		32,100
6.75%, 07/08/2025(a)			313		51,410
Yango Justice International Ltd. 7.50%, 02/17/2025(a) (c) (l)			206		3,090
8.25%, 11/25/2023(a) (c) (l)			414		6,210
					925,398
					1,553,518
Total Emerging Markets - Corporate Bonds (cost $62,543,716)					45,928,945
COLLATERALIZED MORTGAGE OBLIGATIONS – 4.9%
Risk Share Floating Rate – 3.8%
Bellemeade Re Ltd.
Series 2019-3A, Class M1C 6.339% (LIBOR 1 Month + 1.95%), 07/25/2029(a) (i)			1,555		1,540,791
Series 2019-4A, Class M2 7.239% (LIBOR 1 Month + 2.85%), 10/25/2029(a) (i)			475		453,506
Eagle Re Ltd. Series 2018-1, Class M2 7.389% (LIBOR 1 Month + 3.00%), 11/25/2028(a) (i)			2,764		2,767,897
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
Series 2013-DN2, Class M2 8.639% (LIBOR 1 Month + 4.25%), 11/25/2023(i)			760		769,521
Series 2014-DN3, Class M3 8.389% (LIBOR 1 Month + 4.00%), 08/25/2024(i)			39		39,328
Series 2014-HQ2, Class M3 8.139% (LIBOR 1 Month + 3.75%), 09/25/2024(i)			1,445		1,448,981
Series 2015-DN1, Class B 15.889% (LIBOR 1 Month + 11.50%), 01/25/2025(i)			1,303		1,319,223
Series 2015-DNA1, Class B 13.589% (LIBOR 1 Month + 9.20%), 10/25/2027(i)			592		602,516
Series 2015-DNA2, Class B 11.939% (LIBOR 1 Month + 7.55%), 12/25/2027(i)			1,373		1,375,022
Series 2015-DNA3, Class B 13.739% (LIBOR 1 Month + 9.35%), 04/25/2028(i)			1,015		1,042,577
Series 2015-HQA1, Class B 13.189% (LIBOR 1 Month + 8.80%), 03/25/2028(i)			1,002		993,559

44

	Principal Amount (000)		U.S. $ Value
Series 2016-DNA2, Class B 14.889% (LIBOR 1 Month + 10.50%), 10/25/2028(i)	U.S.$	853	$	875,932
Series 2016-DNA3, Class B 15.639% (LIBOR 1 Month + 11.25%), 12/25/2028(i)		2,748		2,880,919
Series 2016-DNA4, Class B 12.989% (LIBOR 1 Month + 8.60%), 03/25/2029(i)		392		380,079
Series 2016-HQA2, Class B 15.889% (LIBOR 1 Month + 11.50%), 11/25/2028(i)		421		446,466
Series 2017-DNA2, Class B1 9.539% (LIBOR 1 Month + 5.15%), 10/25/2029(i)		978		1,051,073
Series 2017-DNA3, Class B1 8.839% (LIBOR 1 Month + 4.45%), 03/25/2030(i)		323		339,847
Series 2020-HQA2, Class M2 7.489% (LIBOR 1 Month + 3.10%), 03/25/2050(a) (i)		41		41,401
Federal National Mortgage Association Connecticut Avenue Securities
Series 2014-C01, Class M2 8.789% (LIBOR 1 Month + 4.40%), 01/25/2024(i)		681		698,637
Series 2014-C04, Class 1M2 9.289% (LIBOR 1 Month + 4.90%), 11/25/2024(i)		984		1,009,724
Series 2015-C02, Class 1M2 8.389% (LIBOR 1 Month + 4.00%), 05/25/2025(i)		149		149,408
Series 2015-C03, Class 1M2 9.389% (LIBOR 1 Month + 5.00%), 07/25/2025(i)		442		448,913
Series 2015-C04, Class 1M2 10.089% (LIBOR 1 Month + 5.70%), 04/25/2028(i)		1,062		1,120,532
Series 2015-C04, Class 2M2 9.939% (LIBOR 1 Month + 5.55%), 04/25/2028(i)		4		4,365
Series 2016-C01, Class 1B 16.139% (LIBOR 1 Month + 11.75%), 08/25/2028(i)		674		718,545
Series 2016-C01, Class 1M2 11.139% (LIBOR 1 Month + 6.75%), 08/25/2028(i)		895		934,191
Series 2016-C01, Class 2M2 11.339% (LIBOR 1 Month + 6.95%), 08/25/2028(i)		171		181,818
Series 2016-C02, Class 1B 16.639% (LIBOR 1 Month + 12.25%), 09/25/2028(i)		446		490,078

45

	Principal Amount (000)		U.S. $ Value
Series 2016-C02, Class 1M2 10.389% (LIBOR 1 Month + 6.00%), 09/25/2028(i)	U.S.$	476	$	492,381
Series 2016-C03, Class 1B 16.139% (LIBOR 1 Month + 11.75%), 10/25/2028(i)		371		397,608
Series 2016-C03, Class 2B 17.139% (LIBOR 1 Month + 12.75%), 10/25/2028(i)		630		687,237
Series 2016-C04, Class 1B 14.639% (LIBOR 1 Month + 10.25%), 01/25/2029(i)		1,476		1,532,693
Series 2016-C05, Class 2B 15.139% (LIBOR 1 Month + 10.75%), 01/25/2029(i)		1,817		1,884,091
Series 2016-C06, Class 1B 13.639% (LIBOR 1 Month + 9.25%), 04/25/2029(i)		1,277		1,281,444
Series 2016-C07, Class 2B 13.889% (LIBOR 1 Month + 9.50%), 05/25/2029(i)		1,555		1,558,572
Series 2017-C03, Class 1B1 9.239% (LIBOR 1 Month + 4.85%), 10/25/2029(i)		142		149,504
Series 2017-C05, Class 1B1 7.989% (LIBOR 1 Month + 3.60%), 01/25/2030(i)		319		322,743
Series 2018-C01, Class 1B1 7.939% (LIBOR 1 Month + 3.55%), 07/25/2030(i)		847		861,851
JPMorgan Madison Avenue Securities Trust
Series 2015-CH1, Class M2 9.889% (LIBOR 1 Month + 5.50%), 10/25/2025(h) (i)		410		401,403
Traingle Re Ltd.
Series 2020-1, Class M2 9.989% (LIBOR 1 Month + 5.60%), 10/25/2030(a) (i)		294		295,799
Wells Fargo Credit Risk Transfer Securities Trust
Series 2015-WF1, Class 2M2 9.889% (LIBOR 1 Month + 5.50%), 11/25/2025(h) (i)		136		128,988
				34,119,163
Non-Agency Fixed Rate – 0.4%
Alternative Loan Trust
Series 2006-24CB, Class A15 5.75%, 08/25/2036		504		284,182
Series 2006-42, Class 1A6 6.00%, 01/25/2047		458		274,286
Series 2006-HY12, Class A5 3.566%, 08/25/2036		528		447,715
Series 2006-J1, Class 1A10 5.50%, 02/25/2036		571		407,355

46

	Principal Amount (000)		U.S. $ Value
Series 2006-J5, Class 1A1 6.50%, 09/25/2036	U.S.$	507	$	288,748
Bear Stearns ARM Trust
Series 2007-3, Class 1A1 3.255%, 05/25/2047		78		68,521
Series 2007-4, Class 22A1 3.696%, 06/25/2047		312		278,075
ChaseFlex Trust Series 2007-1, Class 1A3 6.50%, 02/25/2037		401		145,454
CHL Mortgage Pass-Through Trust Series 2007-HY4, Class 1A1 3.632%, 09/25/2047		92		79,718
Citigroup Mortgage Loan Trust Series 2007-AR4, Class 1A1A 3.463%, 03/25/2037		48		41,509
CitiMortgage Alternative Loan Trust Series 2007-A3, Class 1A4 5.75%, 03/25/2037		447		385,665
CSMC Mortgage-Backed Trust Series 2006-7, Class 3A12 6.25%, 08/25/2036		192		81,596
Residential Accredit Loans, Inc. Trust Series 2005-QS14, Class 3A1 6.00%, 09/25/2035		204		175,135
Residential Asset Securitization Trust Series 2006-A8, Class 3A4 6.00%, 08/25/2036		126		65,591
Washington Mutual Mortgage Pass-Through Certificates Trust
Series 2006-9, Class A4 4.283%, 10/25/2036		1,235		348,219
Wells Fargo Mortgage Backed Securities Trust Series 2007-AR7, Class A1 4.332%, 12/28/2037		314		272,161
				3,643,930
Non-Agency Floating Rate – 0.4%
Alternative Loan Trust Series 2007-7T2, Class A3 4.989% (LIBOR 1 Month + 0.60%), 04/25/2037(i)		1,982		665,182
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-13, Class A7 4.989% (LIBOR 1 Month + 0.60%), 08/25/2037(i)		289		120,017
First Horizon Alternative Mortgage Securities Trust
Series 2007-FA2, Class 1A6 1.161% (5.55% - LIBOR 1 Month), 04/25/2037(i) (m)		71		7,317
Series 2007-FA2, Class 1A10 4.639% (LIBOR 1 Month + 0.25%), 04/25/2037(i)		209		53,579

47

	Principal Amount (000)		U.S. $ Value
Lehman XS Trust Series 2007-10H, Class 2AIO 2.88% (7.00% - LIBOR 1 Month), 07/25/2037(i) (m)	U.S.$	120	$	10,890
Residential Accredit Loans, Inc. Trust Series 2006-QS18, Class 2A2 2.161% (6.55% - LIBOR 1 Month), 12/25/2036(i) (m)		1,820		169,102
Wachovia Mortgage Loan Trust Series 2006-ALT1, Class A2 4.749% (LIBOR 1 Month + 0.36%), 01/25/2037(i)		5,252		2,054,309
				3,080,396
Agency Fixed Rate – 0.3%
Federal Home Loan Mortgage Corp. Series 247, Class 54 5.50%, 04/15/2036(n)		4,504		986,408
Federal Home Loan Mortgage Corp. REMICs Series 4767, Class KI 6.00%, 03/15/2048(n)		9,898		2,022,770
				3,009,178
Total Collateralized Mortgage Obligations (cost $47,581,064)				43,852,667
BANK LOANS – 4.7%
Industrial – 4.5%
Capital Goods – 0.6%
ACProducts Holdings, Inc. 8.980% (LIBOR 3 Month + 4.25%), 05/17/2028(o)		1,947		1,449,662
Apex Tool Group, LLC 9.667% (SOFR 1 Month + 5.25%), 02/08/2029(o)		1,730		1,477,131
Chariot Buyer, LLC 7.634% (LIBOR 1 Month + 3.25%), 11/03/2028(o)		158		149,027
Granite US Holdings Corporation 8.750% (LIBOR 3 Month + 4.00%), 09/30/2026(e) (o)		1,509		1,507,033
TransDigm, Inc. 6.980% (LIBOR 3 Month + 2.25%), 12/09/2025(o)		342		337,602
				4,920,455
Communications - Media – 0.2%
Advantage Sales & Marketing, Inc. 8.284% (LIBOR 3 Month + 4.50%), 10/28/2027(o)		1,715		1,411,874
Clear Channel Outdoor Holdings, Inc. 7.915% (LIBOR 3 Month + 3.50%), 08/21/2026(o)		314		285,582

48

	Principal Amount (000)		U.S. $ Value
iHeartCommunications, Inc. (fka Clear Channel Communications, Inc.) 7.384% (LIBOR 1 Month + 3.00%), 05/01/2026(o)	U.S.$	355	$	324,567
				2,022,023
Communications - Telecommunications – 0.7%
Crown Subsea Communications Holding, Inc. 8.870% (LIBOR 1 Month + 4.75%), 04/27/2027(o)		1,515		1,474,195
DIRECTV Financing, LLC 9.384% (LIBOR 1 Month + 5.00%), 08/02/2027(o)		621		603,519
Proofpoint, Inc. 10.985% (LIBOR 3 Month + 6.25%), 08/31/2029(o)		2,480		2,372,542
Zacapa SARL 8.830% (SOFR 3 Month + 4.25%), 03/22/2029(o)		2,126		2,038,993
				6,489,249
Consumer Cyclical - Automotive – 0.1%
Clarios Global LP 7.634% (LIBOR 1 Month + 3.25%), 04/30/2026(o)		431		421,538
Dealer Tire Financial, LLC 8.817% (SOFR 1 Month + 4.50%), 12/14/2027(o)		292		287,520
				709,058
Consumer Cyclical - Other – 0.1%
Caesars Resort Collection, LLC 7.134% (LIBOR 1 Month + 2.75%), 12/23/2024(o)		1,039		1,035,803
Consumer Cyclical - Restaurants – 0.1%
IRB Holding Corp. 6.821% (LIBOR 1 Month + 2.75%), 02/05/2025(o)		829		818,244
Consumer Cyclical - Retailers – 0.1%
Great Outdoors Group, LLC 8.134% (LIBOR 1 Month + 3.75%), 03/06/2028(o)		477		457,160
Restoration Hardware, Inc. 7.673% (SOFR 1 Month + 3.25%), 10/20/2028(o)		840		781,602
				1,238,762
Consumer Non-Cyclical – 0.9%
Gainwell Acquisition Corp. 8.730% (LIBOR 3 Month + 4.00%), 10/01/2027(e) (o)		1,215		1,137,731

49

	Principal Amount (000)		U.S. $ Value
Global Medical Response, Inc. 8.634% (LIBOR 1 Month + 4.25%), 03/14/2025(o)	U.S.$	889	$	625,507
Kronos Acquisition Holdings, Inc. 8.485% (LIBOR 3 Month + 3.75%), 12/22/2026(o)		774		734,522
LifePoint Health, Inc. (fka Regionalcare Hospital Partners Holdings, Inc.) 8.165% (LIBOR 3 Month + 3.75%), 11/16/2025(o)		793		745,474
Mallinckrodt International Finance S.A. 9.986% (LIBOR 3 Month + 5.25%), 09/30/2027(o)		853		641,061
Padagis, LLC 8.491% (LIBOR 3 Month + 4.75%), 07/06/2028(o)		471		414,904
PetSmart, LLC 8.130% (LIBOR 1 Month + 3.75%), 02/11/2028(o)		2,202		2,150,507
US Radiology Specialists, Inc. (US Outpatient Imaging Services, Inc.) 8.924% (LIBOR 3 Month + 5.25%), 12/15/2027(o)		1,950		1,752,466
				8,202,172
Energy – 0.5%
GIP II Blue Holding, L.P. 8.174% (LIBOR 3 Month + 4.50%), 09/29/2028(o)		2,890		2,860,236
Parkway Generation, LLC 9.070% (SOFR 1 Month + 4.75%), 02/18/2029(o)		1,409		1,382,229
				4,242,465
Other Industrial – 0.3%
American Tire Distributors, Inc. 10.608% (LIBOR 3 Month + 6.25%), 10/20/2028(o)		2,103		1,909,221
FCG Acquisitions, Inc. 11.480% (LIBOR 3 Month + 6.75%), 03/30/2029(o)		640		598,400
Rockwood Service Corporation 8.634% (LIBOR 1 Month + 4.25%), 01/23/2027(o)		84		82,550
				2,590,171
Services – 0.1%
Amentum Government Services Holdings, LLC 8.170% (LIBOR 3 Month + 4.00%), 01/29/2027(o)		78		76,054
8.384% (LIBOR 1 Month + 4.00%), 01/29/2027(o)		234		228,405

50

	Principal Amount (000)			U.S. $ Value
Verscend Holding Corp. 8.384% (LIBOR 1 Month + 4.00%), 08/27/2025(o)		U.S.$	744	$	737,778
					1,042,237
Technology – 0.8%
Ascend Learning, LLC 10.134% (LIBOR 1 Month + 5.75%), 12/10/2029(o)			840		717,150
Banff Guarantor, Inc. 9.884% (LIBOR 1 Month + 5.50%), 02/27/2026(o)			690		633,075
Boxer Parent Company, Inc. 8.134% (LIBOR 1 Month + 3.75%), 10/02/2025(o)			1,484		1,418,444
Endurance International Group Holdings, Inc. 7.717% (LIBOR 1 Month + 3.50%), 02/10/2028(o)			1,964		1,760,095
FINThrive Software Intermediate Holdings, Inc. 11.134% (LIBOR 1 Month + 6.75%), 12/17/2029(o)			660		497,680
Loyalty Ventures, Inc. 8.571% (LIBOR 1 Month + 4.50%), 11/03/2027(o)			1,643		640,052
Peraton Corp. 8.134% (LIBOR 1 Month + 3.75%), 02/01/2028(o)			617		601,789
Presidio Holdings, Inc. 7.890% (LIBOR 1 Month + 3.50%), 01/22/2027(o)			16		15,202
7.920% (LIBOR 3 Month + 3.50%), 01/22/2027(o)			373		364,846
Veritas US, Inc. 9.730% (LIBOR 3 Month + 5.00%), 09/01/2025(o)			576		403,648
					7,051,981
					40,362,620
Utility – 0.2%
Electric – 0.2%
Granite Generation LLC 8.134% (LIBOR 1 Month + 3.75%), 11/09/2026(o)			1,796		1,741,021
Financial Institutions – 0.0%
Finance – 0.0%
Orbit Private Holdings I Ltd. 8.174% (LIBOR 3 Month + 4.50%), 12/11/2028(o)			238		235,124
Total Bank Loans (cost $46,202,989)					42,338,765

51

	Principal Amount (000)			U.S. $ Value
COLLATERALIZED LOAN OBLIGATIONS – 4.7%
CLO - Floating Rate – 4.7%
AMMC CLO 25 Ltd. Series 2022-25A, Class E 11.454% (SOFR + 7.59%), 04/15/2035(a) (i)		U.S.$	5,000	$	4,442,195
Ares XXXIV CLO Ltd. Series 2015-2A, Class CR 6.079% (LIBOR 3 Month + 2.00%), 04/17/2033(a) (i)			2,358		2,205,665
Balboa Bay Loan Funding Ltd.
Series 2020-1A, Class ER 10.643% (LIBOR 3 Month + 6.40%), 01/20/2032(a) (i)			3,100		2,760,153
Series 2021-2A, Class E 10.843% (LIBOR 3 Month + 6.60%), 01/20/2035(a) (i)			1,000		870,172
Series 2022-1A, Class E 11.893% (SOFR + 7.93%), 04/20/2034(a) (i)			3,700		3,275,725
Ballyrock CLO 15 Ltd. Series 2021-1A, Class D 10.299% (LIBOR 3 Month + 6.22%), 04/15/2034(a) (i)			250		221,308
Crown Point CLO 11 Ltd. Series 2021-11A, Class E 10.889% (LIBOR 3 Month + 6.81%), 01/17/2034(a) (i)			2,000		1,769,040
Dryden 49 Senior Loan Fund Series 2017-49A, Class E 10.494% (LIBOR 3 Month + 6.30%), 07/18/2030(a) (i)			417		344,880
Dryden 57 CLO Ltd. Series 2018-57A, Class E 9.806% (LIBOR 3 Month + 5.20%), 05/15/2031(a) (i)			275		218,866
Dryden 78 CLO Ltd.
Series 2020-78A, Class C 6.029% (LIBOR 3 Month + 1.95%), 04/17/2033(a) (i)			3,000		2,824,197
Series 2020-78A, Class D 7.079% (LIBOR 3 Month + 3.00%), 04/17/2033(a) (i)			1,329		1,220,114
Dryden 98 CLO Ltd. Series 2022-98A, Class E 10.363% (SOFR + 6.40%), 04/20/2035(a) (i)			541		466,886
Elevation CLO Ltd.
Series 2020-11A, Class C 6.279% (LIBOR 3 Month + 2.20%), 04/15/2033(a) (i)			648		590,542
Series 2020-11A, Class D1 7.929% (LIBOR 3 Month + 3.85%), 04/15/2033(a) (i)			1,006		897,538

52

	Principal Amount (000)			U.S. $ Value
Elmwood CLO IX Ltd. Series 2021-2A, Class E 10.193% (LIBOR 3 Month + 5.95%), 07/20/2034(a) (i)		U.S.$	250	$	227,200
Elmwood CLO VII Ltd. Series 2020-4A, Class E 11.179% (LIBOR 3 Month + 7.10%), 01/17/2034(a) (i)			402		377,565
Elmwood CLO VIII Ltd. Series 2021-1A, Class E1 10.243% (LIBOR 3 Month + 6.00%), 01/20/2034(a) (i)			350		324,983
Elmwood CLO XII Ltd. Series 2021-5A, Class E 10.593% (LIBOR 3 Month + 6.35%), 01/20/2035(a) (i)			650		595,955
Flatiron CLO 21 Ltd. Series 2021-1A, Class E 10.227% (LIBOR 3 Month + 6.00%), 07/19/2034(a) (i)			400		351,316
Galaxy 30 CLO Ltd. Series 2022-30A, Class E 10.814% (SOFR + 6.95%), 04/15/2035(a) (i)			2,000		1,732,298
Madison Park Funding LI Ltd. Series 2021-51A, Class E 10.497% (LIBOR 3 Month + 6.27%), 07/19/2034(a) (i)			250		221,467
OCP CLO Ltd. Series 2021-21A, Class E 10.523% (LIBOR 3 Month + 6.28%), 07/20/2034(a) (i)			250		221,440
Octagon Investment Partners 29 Ltd. Series 2016-1A, Class DR 7.425% (LIBOR 3 Month + 3.10%), 01/24/2033(a) (i)			1,701		1,533,293
OZLM XXII Ltd. Series 2018-22A, Class D 9.379% (LIBOR 3 Month + 5.30%), 01/17/2031(a) (i)			349		256,242
Palmer Square CLO Ltd.
Series 2021-1A, Class D 10.243% (LIBOR 3 Month + 6.00%), 04/20/2034(a) (i)			1,202		1,073,989
Series 2021-3A, Class E 10.229% (LIBOR 3 Month + 6.15%), 01/15/2035(a) (i)			4,100		3,692,009
Rad CLO 4 Ltd. Series 2019-4A, Class E 11.108% (LIBOR 3 Month + 6.75%), 04/25/2032(a) (i)			585		511,348
Rad CLO 10 Ltd. Series 2021-10A, Class E 10.175% (LIBOR 3 Month + 5.85%), 04/23/2034(a) (i)			750		671,642

53

	Principal Amount (000)			U.S. $ Value
Rad CLO 11 Ltd. Series 2021-11A, Class E 10.329% (LIBOR 3 Month + 6.25%), 04/15/2034(a) (i)		U.S.$	355	$	316,914
Regatta XIX Funding Ltd. Series 2022-1A, Class E 10.843% (SOFR + 6.88%), 04/20/2035(a) (i)			349		315,876
Regatta XXIV Funding Ltd. Series 2021-5A, Class E 11.043% (LIBOR 3 Month + 6.80%), 01/20/2035(a) (i)			3,600		3,252,283
Rockford Tower CLO Ltd.
Series 2019-1A, Class ER 10.563% (LIBOR 3 Month + 6.32%), 04/20/2034(a) (i)			250		202,806
Series 2021-2A, Class E 10.643% (LIBOR 3 Month + 6.40%), 07/20/2034(a) (i)			250		201,878
Series 2021-3A, Class E 10.963% (LIBOR 3 Month + 6.72%), 10/20/2034(a) (i)			1,062		919,122
Sixth Street CLO XVIII Ltd. Series 2021-18A, Class E 10.743% (LIBOR 3 Month + 6.50%), 04/20/2034(a) (i)			1,238		1,142,262
Sixth Street CLO XX Ltd. Series 2021-20A, Class E 10.393% (LIBOR 3 Month + 6.15%), 10/20/2034(a) (i)			679		620,788
Trimaran Cavu Ltd. Series 2019-1A, Class E 11.283% (LIBOR 3 Month + 7.04%), 07/20/2032(a) (i)			485		422,168
Voya CLO Ltd. Series 2019-1A, Class DR 6.929% (LIBOR 3 Month + 2.85%), 04/15/2031(a) (i)			1,050		910,575
Total Collateralized Loan Obligations (cost $46,911,675)					42,202,700
EMERGING MARKETS - SOVEREIGNS – 3.9%
Angola – 0.3%
Angolan Government International Bond 8.00%, 11/26/2029(a)			835		734,800
8.25%, 05/09/2028(a)			200		181,000
9.50%, 11/12/2025(a)			2,118		2,181,540
					3,097,340
Argentina – 0.1%
Argentine Republic Government International Bond 0.50%, 07/09/2030			952		257,449
1.00%, 07/09/2029			1,099		291,210

54

	Principal Amount (000)			U.S. $ Value
1.50%, 07/09/2035		U.S.$	1,034	$	260,585
3.50%, 07/09/2041			562		159,187
3.875%, 01/09/2038			1,323		416,581
					1,385,012
Bahrain – 0.6%
Bahrain Government International Bond 5.45%, 09/16/2032(a)			1,146		1,007,621
5.625%, 09/30/2031(a)			1,193		1,084,735
6.75%, 09/20/2029(a)			528		523,149
7.00%, 10/12/2028(a)			1,253		1,254,801
CBB International Sukuk Programme Co. WLL 6.25%, 11/14/2024(a)			1,116		1,125,765
					4,996,071
Dominican Republic – 0.7%
Dominican Republic International Bond 8.625%, 04/20/2027(a)			5,719		5,929,173
Ecuador – 0.2%
Ecuador Government International Bond 1.50%, 07/31/2040(a)			864		349,776
2.50%, 07/31/2035(a)			371		169,696
5.50%, 07/31/2030(a)			1,426		907,222
					1,426,694
Egypt – 0.2%
Egypt Government International Bond 8.50%, 01/31/2047(a)			862		568,920
8.70%, 03/01/2049(a)			611		401,733
8.875%, 05/29/2050(a)			1,096		730,210
					1,700,863
El Salvador – 0.1%
El Salvador Government International Bond 7.125%, 01/20/2050(a)			577		219,188
7.625%, 09/21/2034(a)			762		293,037
7.625%, 02/01/2041(a)			1,024		392,192
9.50%, 07/15/2052(a)			520		223,535
					1,127,952
Gabon – 0.2%
Gabon Government International Bond 6.625%, 02/06/2031(a)			2,609		2,128,455
Ivory Coast – 0.5%
Ivory Coast Government International Bond 4.875%, 01/30/2032(a)		EUR	1,727		1,455,017
5.125%, 06/15/2025(a)			168		172,451
5.875%, 10/17/2031(a)			1,880		1,682,027
6.375%, 03/03/2028(a)		U.S.$	583		564,053
6.625%, 03/22/2048(a)		EUR	331		249,086
					4,122,634

55

	Principal Amount (000)			U.S. $ Value
Nigeria – 0.2%
Nigeria Government International Bond 7.143%, 02/23/2030(a)		U.S.$	226	$	172,608
7.625%, 11/28/2047(a)			1,578		1,011,892
7.696%, 02/23/2038(a)			610		412,436
7.875%, 02/16/2032(a)			289		216,750
					1,813,686
Oman – 0.3%
Oman Government International Bond 4.125%, 01/17/2023(a)			1,832		1,824,489
4.875%, 02/01/2025(a)			991		969,507
					2,793,996
Senegal – 0.3%
Senegal Government International Bond 6.25%, 05/23/2033(a)			593		486,927
6.75%, 03/13/2048(a)			2,946		2,069,197
					2,556,124
Ukraine – 0.1%
Ukraine Government International Bond 7.253%, 03/15/2035(a)			1,886		351,621
7.375%, 09/25/2034(a)			1,164		215,558
7.75%, 09/01/2025(a)			3,507		786,445
					1,353,624
Venezuela – 0.1%
Venezuela Government International Bond 9.25%, 09/15/2027(c) (l)			7,978		558,460
9.25%, 05/07/2028(a) (c) (l)			300		21,000
					579,460
Total Emerging Markets - Sovereigns (cost $51,926,492)					35,011,084
GOVERNMENTS - TREASURIES – 2.8%
United States – 2.8%
U.S. Treasury Bonds 2.75%, 11/15/2042(p)			2,154		1,739,691
5.00%, 05/15/2037(p)			1,824		2,045,160
5.25%, 02/15/2029(q)			320		339,900
6.125%, 11/15/2027(r)			1,000		1,090,469
U.S. Treasury Notes 2.25%, 02/15/2027(q) (r)			14,311		13,326,839
2.875%, 08/15/2028(q)			6,966		6,571,086
Total Governments - Treasuries (cost $26,375,783)					25,113,145

56

Company	Shares		U.S. $ Value
COMMON STOCKS – 1.0%
Consumer Staples – 0.2%
Household Products – 0.2%
Southeastern Grocers, Inc.(c) (d) (e)		105,865	$	2,302,564
Industrials – 0.2%
Construction & Engineering – 0.2%
WillScot Mobile Mini Holdings Corp.(c)		38,360		1,732,721
Electrical Equipment – 0.0%
Exide Corp.(c) (d) (e)		643		128,600
				1,861,321
Consumer Discretionary – 0.2%
Auto Components – 0.0%
EP Energy Corp.(c) (e)		6,941		55,528
Diversified Consumer Services – 0.0%
AG Tracker(c) (d) (e)		91,299		0
Carlson Travel, Inc.(c)		23,801		145,186
Monitronics International, Inc.(c)		17,878		2,682
				147,868
Hotels, Restaurants & Leisure – 0.0%
Caesars Entertainment, Inc.(c)		1,674		69,638
Internet & Direct Marketing Retail – 0.0%
GOLO Mobile, Inc.(c) (d) (e)		38,543		0
Leisure Products – 0.0%
New Cotai LLC/New Cotai Capital Corp.(c) (d) (e)		3		0
Multiline Retail – 0.2%
ATD New Holdings, Inc.(c)		20,185		1,412,950
K201640219 South Africa Ltd. A Shares(c) (d) (e)		12,695,187		13
K201640219 South Africa Ltd. B Shares(c) (d) (e)		2,009,762		2
				1,412,965
				1,685,999
Energy – 0.2%
Energy Equipment & Services – 0.1%
BIS Industries Holdings Ltd.(c) (d) (e)		838,296		1
CHC Group LLC(c)		21,009		31
Diamond Offshore Drilling, Inc.(c) (h)		23,444		243,818
Vantage Drilling International(c)		6,888		99,807
				343,657
Oil, Gas & Consumable Fuels – 0.1%
Berry Corp.		37,000		296,000

57

Company	Shares		U.S. $ Value
Civitas Resources, Inc.		3,393	$	196,556
Denbury, Inc.(c)		6,529		568,154
Golden Energy Offshore Services AS(c)		916,212		117,837
SandRidge Energy, Inc.(c)		243		4,138
				1,182,685
				1,526,342
Communication Services – 0.1%
Diversified Telecommunication Services – 0.1%
Intelsat Jackson Holdings SA(c) (d) (e)		3,280		0
Intelsat SA(c)		15,662		358,660
				358,660
Media – 0.0%
iHeartMedia, Inc. - Class A(c)		25,545		156,591
				515,251
Financials – 0.1%
Insurance – 0.1%
Mt Logan Re Ltd. (Special Investment)(c) (d) (e)		541		459,052
				459,052
Information Technology – 0.0%
IT Services – 0.0%
PAYSAFE Ltd.(c)		10,709		148,748
Health Care – 0.0%
Pharmaceuticals – 0.0%
Mallinckrodt PLC(c)		3,821		29,613
Total Common Stocks (cost $19,054,960)				8,528,890
	Principal Amount (000)
COMMERCIAL MORTGAGE-BACKED SECURITIES – 0.8%
Non-Agency Fixed Rate CMBS – 0.8%
Citigroup Commercial Mortgage Trust
Series 2013-GC11, Class XA 1.263%, 04/10/2046(n)	U.S.$	757		650
Series 2013-GC17, Class D 5.101%, 11/10/2046(a)		902		809,986
Commercial Mortgage Trust
Series 2012-CR3, Class F 4.75%, 10/15/2045(a)		182		62,464
Series 2012-CR3, Class XA 1.53%, 10/15/2045(n)		626		22
Series 2012-CR5, Class XA 1.092%, 12/10/2045(n)		27		1
Series 2013-LC6, Class D 4.289%, 01/10/2046(a)		3,916		3,723,467
Series 2014-CR15, Class XA 0.619%, 02/10/2047(n)		1,197		6,028
Series 2014-CR20, Class XA 0.945%, 11/10/2047(n)		8,491		112,770

58

	Principal Amount (000)		U.S. $ Value
WF-RBS Commercial Mortgage Trust
Series 2011-C4, Class D 4.844%, 06/15/2044(a)	U.S.$	1,022	$	914,076
Series 2012-C10, Class XA 1.181%, 12/15/2045(a) (n)		148		5
Series 2014-C25, Class D 3.803%, 11/15/2047(a)		1,807		1,485,367
				7,114,836
Non-Agency Floating Rate CMBS – 0.0%
Morgan Stanley Capital I Trust Series 2019-BPR, Class E 9.318% (LIBOR 1 Month + 5.00%), 05/15/2036(a) (i)		301		242,276
Total Commercial Mortgage-Backed Securities (cost $7,729,409)				7,357,112
QUASI-SOVEREIGNS – 0.5%
Quasi-Sovereign Bonds – 0.5%
Mexico – 0.4%
Comision Federal de Electricidad 4.688%, 05/15/2029(a)		650		571,919
Petroleos Mexicanos 5.95%, 01/28/2031		3,604		2,724,624
6.49%, 01/23/2027		463		422,719
				3,719,262
Panama – 0.1%
Aeropuerto Internacional de Tocumen SA 4.00%, 08/11/2041(a)		249		205,005
5.125%, 08/11/2061(a)		236		193,121
				398,126
Total Quasi-Sovereigns (cost $4,471,642)				4,117,388
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 0.5%
United States – 0.5%
State of California Series 2010 7.60%, 11/01/2040		750		960,869
State of Illinois Series 2010 7.35%, 07/01/2035		1,778		1,870,725
Wisconsin Public Finance Authority (Catholic Bishop of Chicago (The)) Series 2021 5.75%, 07/25/2041(a)		1,435		1,269,277
Total Local Governments - US Municipal Bonds (cost $3,975,089)				4,100,871

59

	Principal Amount (000)			U.S. $ Value
QUASI-SOVEREIGN BONDS – 0.3%
Mexico – 0.2%
Petroleos Mexicanos 6.75%, 09/21/2047		U.S.$	2,113	$	1,345,728
6.95%, 01/28/2060			579		366,362
					1,712,090
Oman – 0.1%
Lamar Funding Ltd. 3.958%, 05/07/2025(a)			837		789,814
Kazakhstan – 0.0%
KazMunayGas National Co. JSC 5.375%, 04/24/2030(a)			470		417,213
South Africa – 0.0%
Eskom Holdings SOC Ltd. 7.125%, 02/11/2025(a)			237		215,048
Total Quasi-Sovereign Bonds (cost $3,624,916)					3,134,165
INFLATION - LINKED SECURITIES – 0.2%
Colombia – 0.2%
Fideicomiso PA Concesion Ruta al Mar 6.75%, 02/15/2044(a)		COP	1,437,090		160,079
Fideicomiso PA Costera 6.25%, 01/15/2034(a)			1,230,800		222,857
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035(h)			6,642,880		1,462,722
Total Inflation-Linked Securities (cost $2,843,985)					1,845,658
ASSET-BACKED SECURITIES – 0.2%
Other ABS - Fixed Rate – 0.1%
Consumer Loan Underlying Bond Certificate Issuer Trust I
Series 2018-7, Class PT 4.979%, 06/15/2043(h)		U.S.$	11		9,737
Series 2019-24, Class PT 11.47%, 08/15/2044(h)			46		44,404
Series 2019-36, Class PT 12.891%, 10/17/2044(h)			92		89,453
Series 2019-43, Class PT (5.256)%, 11/15/2044(h)			2		1,567
Consumer Loan Underlying Bond Club Certificate Issuer Trust I
Series 2018-4, Class PT 8.989%, 05/15/2043(h)			7		6,657
Series 2018-12, Class PT 9.134%, 06/15/2043(h)			9		8,658
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 4.117%, 03/16/2043 (h)			2		1,405

60

	Principal Amount (000)			U.S. $ Value
Pagaya AI Debt Trust 11.00%, 05/15/2030(a) (e)		U.S.$	930	$	930,000
					1,091,881
Autos - Fixed Rate – 0.1%
Flagship Credit Auto Trust Series 2019-4, Class E 4.11%, 03/15/2027(a)			770		706,190
Total Asset-Backed Securities (cost $1,866,477)					1,798,071
	Shares
PREFERRED STOCKS – 0.2%
Industrials – 0.1%
Industrial Conglomerates – 0.1%
WESCO International, Inc. Series A 10.625%			35,175		922,288
Industrial – 0.1%
Energy – 0.1%
Gulfport Energy Corp. 10.00%(c) (e)			142		710,000
Total Preferred Stocks (cost $1,065,763)					1,632,288
	Principal Amount (000)
GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Colombia – 0.1%
Colombia Government International Bond 4.125%, 05/15/2051		U.S.$	1,058		634,337
Netherlands – 0.0%
SNS Bank NV Series E 11.25%, 12/31/2049(c) (d) (e) (k)		EUR	620		0
Total Governments - Sovereign Bonds (cost $1,895,180)					634,337
	Shares
RIGHTS – 0.0%
Vistra Energy Corp., expiring 12/31/2049(c) (e) (cost $0)			10,721		12,865
WARRANTS – 0.0%
Encore Automotive Acceptance, expiring 07/05/2031(c) (d) (e)			8		0

61

Company	Shares			U.S. $ Value
Flexpath Capital, Inc., expiring 04/15/2031(c) (d) (e)			10,974	$	0
Total Warrants (cost $0)					0
	Principal Amount (000)
SHORT-TERM INVESTMENTS – 1.4%
Time Deposits – 0.6%
ANZ, London 2.30%, 01/03/2023		GBP	60		72,975
Citibank, London 1.10%, 01/02/2023		EUR	232		248,288
Citibank, New York 3.69%, 01/03/2023		U.S.$	5,249		5,248,792
Royal Bank of Canada, Toronto 3.06%, 01/03/2023		CAD	52		38,428
Total Time Deposits (cost $5,608,483)					5,608,483
	Shares
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 4.12%(s) (t) (u) (cost $5,543,528)			5,543,528		5,543,528
	Principal Amount (000)
U.S. Treasury Bills – 0.2%
U.S. Treasury Bill Zero Coupon, 04/27/2023 (cost $1,932,819)		U.S.$	1,961		1,933,034
Total Short-Term Investments (cost $13,084,830)					13,085,045
Total Investments – 101.3% (cost $1,058,147,115)(v)					906,795,624
Other assets less liabilities – (1.3)%					(12,047,637	)
Net Assets – 100.0%				$	894,747,987

62

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional		Value and Unrealized Appreciation (Depreciation)
Purchased Contracts
U.S. 10 Yr Ultra Futures		103		March 2023	$	12,182,969	$	(82,094	)
U.S. Long Bond (CBT) Futures		55		March 2023		6,893,906		(117,227	)
U.S. T-Note 5 Yr (CBT) Futures		718		March 2023		77,493,516		(28,046	)
U.S. T-Note 10 Yr (CBT) Futures		80		March 2023		8,983,750		(54,961	)
							$	(282,328	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Bank of America, NA		BRL	51		USD	10		01/04/2023	$	114
Bank of America, NA		USD	10		BRL	51		01/04/2023		(125	)
Bank of America, NA		CLP	43,310		USD	46		01/19/2023		(4,745	)
Bank of America, NA		USD	1,301		CAD	1,775		01/19/2023		10,566
Bank of America, NA		USD	38		CLP	34,828		01/19/2023		2,599
Bank of America, NA		KRW	57,726		USD	44		01/30/2023		(1,701)
Bank of America, NA		USD	104		KRW	145,208		01/30/2023		11,140
Bank of America, NA		EUR	1,000		USD	1,074		02/27/2023		(175	)
Bank of America, NA		INR	1,470		USD	18		03/16/2023		(54	)
Bank of America, NA		TWD	890		USD	29		03/16/2023		224
Bank of America, NA		USD	20		TWD	605		03/16/2023		(131	)
Barclays Bank PLC		BRL	188		USD	36		01/04/2023		425
Barclays Bank PLC		BRL	129		USD	24		01/04/2023		(86	)
Barclays Bank PLC		USD	12		BRL	65		01/04/2023		4
Barclays Bank PLC		USD	48		BRL	252		01/04/2023		(342	)
Barclays Bank PLC		KRW	72,241		USD	53		01/30/2023		(4,077	)
Barclays Bank PLC		USD	9		KRW	11,601		01/30/2023		510
BNP Paribas SA		BRL	73		USD	14		01/04/2023		163
BNP Paribas SA		USD	14		BRL	73		01/04/2023		153
BNP Paribas SA		CLP	27,928		USD	32		01/19/2023		(958	)
BNP Paribas SA		COP	13,572,390		USD	2,785		01/19/2023		(6,365	)
BNP Paribas SA		USD	8		CLP	7,462		01/19/2023		384
BNP Paribas SA		USD	1		COP	2,987		01/19/2023		1
BNP Paribas SA		USD	1		IDR	13,160		01/26/2023		5
BNP Paribas SA		USD	37		KRW	50,668		01/30/2023		3,096
BNP Paribas SA		CNH	526		USD	74		02/16/2023		(2,682	)
BNP Paribas SA		INR	2,330		USD	28		03/16/2023		33
BNP Paribas SA		USD	13		INR	1,115		03/16/2023		(44	)
BNP Paribas SA		USD	12		TWD	370		03/16/2023		(3	)
Brown Brothers Harriman & Co.		GBP	76		USD	90		01/18/2023		(1,268	)
Brown Brothers Harriman & Co.		USD	108		GBP	89		01/18/2023		708
Brown Brothers Harriman & Co.		USD	19		GBP	16		01/18/2023		(297	)
Brown Brothers Harriman & Co.		AUD	44		USD	30		01/19/2023		253
Brown Brothers Harriman & Co.		AUD	233		USD	152		01/19/2023		(6,939	)
Brown Brothers Harriman & Co.		CAD	19		USD	14		01/19/2023		219
Brown Brothers Harriman & Co.		CAD	313		USD	230		01/19/2023		(1,229	)
Brown Brothers Harriman & Co.		MXN	212		USD	11		01/19/2023		55
Brown Brothers Harriman & Co.		MXN	2,234		USD	113		01/19/2023		(1,259	)

63

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Brown Brothers Harriman & Co.		USD	167		AUD	254		01/19/2023	$	5,212
Brown Brothers Harriman & Co.		USD	9		AUD	13		01/19/2023		(3	)
Brown Brothers Harriman & Co.		USD	61		CAD	84		01/19/2023		414
Brown Brothers Harriman & Co.		USD	93		CAD	124		01/19/2023		(1,013	)
Brown Brothers Harriman & Co.		USD	50		MXN	990		01/19/2023		305
Brown Brothers Harriman & Co.		USD	126		MXN	2,447		01/19/2023		(432)
Brown Brothers Harriman & Co.		PLN	92		USD	20		01/30/2023		(650	)
Brown Brothers Harriman & Co.		USD	117		PLN	528		01/30/2023		3,031
Brown Brothers Harriman & Co.		NZD	102		USD	63		02/02/2023		(1,680	)
Brown Brothers Harriman & Co.		USD	62		NZD	99		02/02/2023		1,550
Brown Brothers Harriman & Co.		USD	51		NZD	79		02/02/2023		(232	)
Brown Brothers Harriman & Co.		NOK	135		USD	14		02/03/2023		90
Brown Brothers Harriman & Co.		NOK	670		USD	68		02/03/2023		(338	)
Brown Brothers Harriman & Co.		SEK	123		USD	12		02/03/2023		121
Brown Brothers Harriman & Co.		SEK	303		USD	29		02/03/2023		(219	)
Brown Brothers Harriman & Co.		USD	101		NOK	1,005		02/03/2023		2,044
Brown Brothers Harriman & Co.		USD	14		SEK	151		02/03/2023		4
Brown Brothers Harriman & Co.		USD	49		SEK	508		02/03/2023		(483	)
Brown Brothers Harriman & Co.		JPY	18,323		USD	136		02/09/2023		(4,072	)
Brown Brothers Harriman & Co.		USD	95		JPY	13,015		02/09/2023		4,458
Brown Brothers Harriman & Co.		CNH	686		USD	97		02/16/2023		(1,927	)
Brown Brothers Harriman & Co.		USD	83		CNH	595		02/16/2023		3,036
Brown Brothers Harriman & Co.		USD	11		CNH	76		02/16/2023		(19	)
Brown Brothers Harriman & Co.		USD	97		ZAR	1,703		02/16/2023		2,475
Brown Brothers Harriman & Co.		ZAR	135		USD	8		02/16/2023		21
Brown Brothers Harriman & Co.		ZAR	1,758		USD	101		02/16/2023		(1,969	)
Brown Brothers Harriman & Co.		EUR	106		USD	113		02/27/2023		(1,670	)
Brown Brothers Harriman & Co.		USD	1,201		EUR	1,126		02/27/2023		9,391
Brown Brothers Harriman & Co.		CHF	8		USD	8		03/01/2023		25
Brown Brothers Harriman & Co.		CHF	83		USD	89		03/01/2023		(806	)
Brown Brothers Harriman & Co.		SGD	109		USD	81		03/02/2023		(741	)
Brown Brothers Harriman & Co.		USD	75		SGD	102		03/02/2023		697
Citibank, NA		GBP	3,391		USD	4,039		01/18/2023		(61,979	)
Citibank, NA		CLP	20,293		USD	22		01/19/2023		(1,523	)
Citibank, NA		KRW	11,987		USD	9		01/30/2023		(471	)
Citibank, NA		INR	5,262		USD	63		03/16/2023		(19	)
Credit Suisse International		USD	10		SEK	108		02/03/2023		(115	)

64

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation (Depreciation)
Goldman Sachs Bank USA		USD	17		CLP	14,569		01/19/2023	$	615
JPMorgan Chase Bank, NA		BRL	273		USD	52		01/04/2023		617
JPMorgan Chase Bank, NA		USD	31		BRL	163		01/04/2023		72
JPMorgan Chase Bank, NA		USD	21		BRL	110		01/04/2023		(212	)
JPMorgan Chase Bank, NA		KRW	18,114		USD	13		01/30/2023		(1,711	)
JPMorgan Chase Bank, NA		USD	15		KRW	20,896		01/30/2023		1,140
Morgan Stanley Capital Services LLC		BRL	230		USD	44		01/04/2023		138
Morgan Stanley Capital Services LLC		BRL	511		USD	94		01/04/2023		(2,585	)
Morgan Stanley Capital Services LLC		USD	142		BRL	741		01/04/2023		(1,668	)
Morgan Stanley Capital Services LLC		CLP	40,302		USD	45		01/19/2023		(2,341	)
Morgan Stanley Capital Services LLC		KRW	65,427		USD	46		01/30/2023		(5,933	)
Morgan Stanley Capital Services LLC		USD	11		KRW	14,333		01/30/2023		645
Morgan Stanley Capital Services LLC		USD	43		BRL	230		02/02/2023		(159	)
Morgan Stanley Capital Services LLC		USD	1,538		EUR	1,440		02/27/2023		8,713
Morgan Stanley Capital Services LLC		TWD	486		USD	16		03/16/2023		244
Morgan Stanley Capital Services LLC		USD	15		TWD	446		03/16/2023		(166	)
Royal Bank of Scotland PLC		KRW	134,526		USD	98		01/30/2023		(8,531	)
Royal Bank of Scotland PLC		USD	45		KRW	64,221		01/30/2023		6,092
Royal Bank of Scotland PLC		TWD	709		USD	23		03/16/2023		120
Standard Chartered Bank		BRL	285		USD	54		01/04/2023		640
Standard Chartered Bank		USD	32		BRL	174		01/04/2023		808
Standard Chartered Bank		USD	21		BRL	111		01/04/2023		(191	)
Standard Chartered Bank		CLP	7,022		USD	8		01/19/2023		(421	)
Standard Chartered Bank		USD	22		CLP	19,195		01/19/2023		938
Standard Chartered Bank		KRW	11,969		USD	10		01/30/2023		24
Standard Chartered Bank		KRW	24,152		USD	18		01/30/2023		(1,013	)
Standard Chartered Bank		TWD	342		USD	11		03/16/2023		3
Standard Chartered Bank		USD	89		TWD	2,666		03/16/2023		(1,314	)
UBS AG		CLP	21,758		USD	25		01/19/2023		(271	)
UBS AG		USD	67		CLP	59,857		01/19/2023		3,645
UBS AG		BRL	52		USD	10		02/02/2023		1
UBS AG		EUR	67,955		USD	71,734		02/27/2023		(1,280,767	)
UBS AG		USD	1,404		EUR	1,315		02/27/2023		8,454
									$	(1,323,689	)

65

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Brazilian Government International Bond, 4.250%, 01/07/2025, 12/20/2027*		1.00	%		Quarterly		2.51%		USD	320	$	(20,565	)	$	(22,410	)	$	1,845
CDX-NAHY Series 39, 5 Year Index, 12/20/2027*		5.00			Quarterly		4.85		USD	114,620		845,620			(4,255,356	)		5,100,976
iTraxx Europe Crossover Series 38, 5 Year Index, 12/20/2027*		5.00			Quarterly		4.74		EUR	36,820		454,691			(1,485,762	)		1,940,453
South Africa Government International Bond, 5.875%, 09/16/2025, 12/20/2027*		1.00			Quarterly		2.48		USD	2,380		(149,874	)		(176,109	)		26,235
											$	1,129,872			$    (5,939,637	)	$	7,069,509

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
USD	22	03/14/2032	1.811%	1 Day SOFR	Annual	$	3,052		$	—	$	3,052
USD	20	07/25/2032	2.731%	1 Day SOFR	Annual		1,376			—		1,376
USD	14	09/23/2032	3.342%	1 Day SOFR	Annual		264			—		264
USD	50	10/17/2032	3.653%	1 Day SOFR	Annual		(350	)		—		(350	)
						$	4,342		$	—	$	4,342

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at December 31, 2022	Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00	%	Monthly	7.50%		USD	200	$	(76,505	)	$	(94,105	)	$	17,600
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	288		(70,388	)		(30,067	)		(40,321	)
Credit Suisse International
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00		Monthly	7.50		USD	3,419		(1,305,547	)		(494,798	)		(810,749	)

66

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
Deutsche Bank AG
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50%		USD	163	$	(39,549	)	$	(16,881	)	$	(22,668	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	231		(56,454	)		(25,151	)		(31,303	)
Goldman Sachs International
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		1.48		USD	270		9,416			3,370			6,046
Avis Budget Car Rental LLC, 5.250%, 03/15/2025, 12/20/2023*		5.00			Quarterly		1.48		USD	300		10,462			5,860			4,602
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	40		(15,405	)		(18,924	)		3,519
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	40		(15,405	)		(18,924	)		3,519
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,140		(435,270	)		(182,330	)		(252,940	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	1,416		(540,683	)		(193,987	)		(346,696	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	2,003		(764,864	)		(274,419	)		(490,445	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	3,419		(1,304,598	)		(522,202	)		(782,396	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	6,837		(2,611,095	)		(943,855	)		(1,667,240	)
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	9,230		(3,524,978	)		(1,272,492	)		(2,252,486	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	84		(20,620	)		(8,463	)		(12,157	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	114		(27,917	)		(9,509	)		(18,408	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	228		(55,833	)		(20,959	)		(34,874	)

67

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at December 31, 2022		Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		7.50%		USD	228	$	(55,833	)	$	(19,368	)	$	(36,465	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	235		(57,539	)		(18,463	)		(39,076	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	336		(82,171	)		(33,482	)		(48,689	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	456		(111,512	)		(45,753	)		(65,759	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	660		(159,575	)		(66,205	)		(93,370	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	1,367		(330,913	)		(109,915	)		(220,998	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	4,055		(992,593	)		(454,328	)		(538,265	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	7,603		(1,861,112	)		(812,499	)		(1,048,613	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	249		(95,044	)		(107,844	)		12,800
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	80		(30,550	)		(36,730	)		6,180
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	249		(95,044	)		(99,658	)		4,614
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	249		(95,044	)		(99,075	)		4,031
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	248		(94,783	)		(98,222	)		3,439
CDX-CMBX.NA.BB Series 6, 05/11/2063*		5.00			Monthly		7.50		USD	248		(94,783	)		(97,640	)		2,857
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		7.50		USD	753		(184,187	)		(73,557	)		(110,630	)

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Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency	Implied Credit Spread at December 31, 2022	Notional Amount (000)			Market Value			Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%	Monthly	7.50%		USD	806	$	(197,211	)	$	(82,017	)	$	(115,194	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00		Monthly	7.50		USD	2,116		(518,009	)		(21,794	)		(496,215	)
									$	(15,901,136	)	$	(6,394,386	)	$	(9,506,750	)

* Termination date

TOTAL RETURN SWAPS

Counterparty & Referenced Obligation	Rate Paid/ Received		Payment Frequency		Current Notional (000)			Maturity Date		Unrealized Appreciation (Depreciation)
Receive Total Return on Reference Obligation
Goldman Sachs International
Markit iBoxx EUR Contingent Convertible Liquid Developed Market AT1 TRI		3 Month EURIBOR		Quarterly		EUR	9,151		03/20/2023		$    229,672

REVERSE REPURCHASE AGREEMENTS

Broker	Currency	Principal Amount (000)		Interest Rate			Maturity		U.S. $ Value at December 31, 2022
Barclays Capital, Inc.†	USD		2,465		(1.00	)%*		—	$	2,463,357
Barclays Capital, Inc.†	USD		2,172		4.35	%		—		2,184,842
Barclays Capital, Inc.†	USD		1,408		4.20	%		—		1,418,543
Barclays Capital, Inc.†	USD		485		4.00	%		—		487,246
Barclays Capital, Inc.†	USD		263		(7.00	)%*		—		260,763
Credit Suisse Securities (USA)†	EUR		854		1.50	%		—		915,644
Credit Suisse Securities (USA)†	EUR		266		1.00	%		—		284,984
									$	8,015,379

† The reverse repurchase agreement matures on demand. Interest rate resets daily and the rate shown is the rate in effect on December 31, 2022.

* Interest payment due from counterparty.

The type of underlying collateral and the remaining maturity of open reverse repurchase agreements is as follows:

	Overnight and Continuous		Up to 30 Days		31-90 Days		Greater than 90 Days		Total
Corporates - Non Investment Grade	$	5,830,537	$	0	$	0	$	0	$	5,830,537
Corporates - Investment Grade		2,184,842		0		0		0		2,184,842
	$	8,015,379	$	0	$	0	$	0	$	8,015,379

(a) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration. At December 31, 2022, the aggregate market value of these securities amounted to $628,617,917 or 70.3% of net assets.

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(b) Defaulted matured security.

(c) Non-income producing security.

(d) Fair valued by the Adviser.

(e) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

(f) Pay-In-Kind Payments (PIK). The issuer may pay cash interest and/or interest in additional debt securities. Rates shown are the rates in effect at December 31, 2022.

(g) Position, or a portion thereof, has been segregated to collateralize reverse repurchase agreements.

(h) Security is exempt from registration under Rule 144A or Regulation S of the Securities Act of 1933. These securities, which represent 0.32% of net assets as of December 31, 2022, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
BBFI Liquidating Trust Zero Coupon, 12/30/2099	01/18/2013 - 05/09/2017	$	665,756	$	458,561	0.05%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-43, Class PT (5.256)%, 11/15/2044	04/25/2018 - 06/01/2020		1,691		1,567	0.00%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-24, Class PT 11.47%, 08/15/2044	06/27/2019		44,734		44,404	0.01%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2019-36, Class PT 12.891%, 10/17/2044	09/04/2019		91,375		89,453	0.01%
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2018-7, Class PT 4.979%, 06/15/2043	10/09/2019		10,805		9,737	0.00%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-4, Class PT 8.989%, 05/15/2043	03/27/2018- 05/11/2018		7,109		6,657	0.00%
Consumer Loan Underlying Bond Club Certificate Issuer Trust I Series 2018-12, Class PT 9.134%, 06/15/2043	06/26/2018		9,226		8,658	0.00%
Consumer Loan Underlying Bond Credit Trust Series 2018-3, Class PT 4.117%, 03/16/2043	03/07/2018		1,551		1,405	0.00%
Diamond Offshore Drilling, Inc.	04/23/2021		475,210		243,818	0.03%
Digicel Group Holdings Ltd. 7.00%, 01/17/2023	11/28/2016 - 10/01/2021		152,931		8,811	0.00%
Exide Technologies (First Lien) 11.00%, 10/31/2024	10/29/2020		0		0	0.00%
Fideicomiso PA Pacifico Tres 7.00%, 01/15/2035	03/04/2016		1,971,306		1,462,722	0.16%
JPMorgan Madison Avenue Securities Trust Series 2015-CH1, Class M2 9.889%, 10/25/2025	09/18/2015		409,873		401,403	0.04%
K2016470219 South Africa Ltd. 3.00%, 12/31/2022	01/31/2017 - 06/30/2021		1,100,178		550	0.00%

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144A/Restricted & Illiquid Securities	Acquisition Date	Cost		Market Value		Percentage of Net Assets
Magnetation LLC/Mag Finance Corp. 11.00%, 05/15/2018	05/05/2013 - 02/19/2015	$	2,295,760	$	0		0.00	%
Terraform Global Operating LP 6.125%, 03/01/2026	02/08/2018		118,000		109,875		0.01	%
Tonon Luxembourg SA 6.50%, 10/31/2024	05/03/2019 -10/31/2021		1,209,003		62		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2018	01/23/2014 -01/27/2014		1,408,980		239		0.00	%
Virgolino de Oliveira Finance SA 10.50%, 01/28/2023	06/09/2014		992,873		171		0.00	%
Virgolino de Oliveira Finance SA 10.875%, 01/13/2020	01/29/2014		477,418		48		0.00	%
Virgolino de Oliveira Finance SA 11.75%, 02/09/2022	02/26/2018		838,866		162		0.00	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 9.889%, 11/25/2025	06/26/2018		136,137		128,988		0.01	%

(i) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at December 31, 2022.

(j) Convertible security.

(k) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(l) Defaulted.

(m) Inverse interest only security.

(n) IO - Interest Only.

(o) The stated coupon rate represents the greater of the LIBOR or the LIBOR floor rate plus a spread at December 31, 2022.

(p) Position, or a portion thereof, has been segregated to collateralize margin requirements for open futures contracts.

(q) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(r) Position, or a portion thereof, has been segregated to collateralize margin requirements for open centrally cleared swaps.

(s) Affiliated investments.

(t) The rate shown represents the 7-day yield as of period end.

(u) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(v) As of December 31, 2022, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $19,681,259 and gross unrealized depreciation of investments was $(174,841,994), resulting in net unrealized depreciation of $(155,160,735).

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

CLP – Chilean Peso

CNH – Chinese Yuan Renminbi (Offshore)

COP – Colombian Peso

EUR – Euro

GBP – Great British Pound

IDR – Indonesian Rupiah

INR – Indian Rupee

JPY – Japanese Yen

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KRW – South Korean Won

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

PLN – Polish Zloty

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – New Taiwan Dollar

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CLO – Collateralized Loan Obligations

CMBS – Commercial Mortgage-Backed Securities

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

SOFR – Secured Overnight Financing Rate

COUNTRY BREAKDOWN¹

December 31, 2022 (unaudited)

68.1	%	United States
4.4	%	United Kingdom
2.4	%	Canada
2.0	%	France
1.8	%	Luxembourg
1.6	%	Brazil
1.4	%	Mexico
1.4	%	Germany
1.2	%	Spain
1.1	%	Nigeria
0.8	%	Italy
0.7	%	Bahrain
0.7	%	Dominican Republic
11.0	%	Other
1.4	%	Short-Term Investments
100.0	%	Total Investments

¹  The Fund’s country breakdown is expressed as a percentage of total investments and may vary over time. The Portfolio also enters into derivative transactions, which may be used for hedging or investment purposes (see “Portfolio of Investments” section of the report for additional details). “Other” country weightings represent 0.7% or less in the following: Angola, Argentina, Australia, Bahrain, Belgium, Bermuda, Cayman Islands, Chile, China, Colombia, Czech Republic, Denmark, Dominican Republic, Ecuador, Egypt, El Salvador, Finland, Gabon, Ghana, Guatemala, Indonesia, Ireland, Israel, Ivory Coast, Jamaica, Japan, Jersey (Channel Islands), Kazakhstan, Kuwait, Macau, Morocco, Nigeria, Norway, Oman, Panama, Peru, Senegal, South Africa, Sweden, Switzerland, Trinidad & Tobago, Turkey, Ukraine, Venezuela and Zambia.

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AB Global High Income Fund

December 31, 2022 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which are then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

Valuations of mortgage-backed or other asset-backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset-backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

Bank loan prices are provided by third party pricing services and consist of a composite of the quotes received by the vendor into a consensus price. Certain bank loans are classified as Level 3, as a significant input used in the fair value measurement of these instruments is the market quotes that are received by the vendor and these inputs are not observable.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

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The following table summarizes the valuation of the Fund’s investments by the above fair value hierarchy levels as of December 31, 2022:

lnvestments in Securities	Level 1			Level 2			Level 3			Total
Assets:
Corporates - Non-Investment Grade	$	-0-		$	501,072,267		$	160,109	#	$	501,232,376
Corporates - Investment Grade		1,199,939			123,669,313			-0-			124,869,252
Emerging Markets - Corporate Bonds		-0-			45,469,764			459,181	#		45,928,945
Collateralized Mortgage Obligations		-0-			43,852,667			-0-			43,852,667
Bank Loans		-0-			39,694,001			2,644,764			42,338,765
Collateralized Loan Obligations		-0-			42,202,700			-0-			42,202,700
Emerging Markets - Sovereigns		-0-			35,011,084			-0-			35,011,084
Governments - Treasuries		-0-			25,113,145			-0-			25,113,145
Common Stocks		3,666,303			1,916,827			2,945,760	#		8,528,890
Commercial Mortgage-Backed Securities		-0-			7,357,112			-0-			7,357,112
Quasi-Sovereigns		-0-			4,117,388			-0-			4,117,388
Local Governments - US Municipal Bonds		-0-			4,100,871			-0-			4,100,871
Quasi-Sovereign Bonds		-0-			3,134,165			-0-			3,134,165
Inflation-Linked Securities		-0-			1,845,658			-0-			1,845,658
Asset-Backed Securities		-0-			868,071			930,000			1,798,071
Preferred Stocks		922,288			-0-			710,000			1,632,288
Governments - Sovereign Bonds		-0-			634,337			0	#		634,337
Rights		-0-			-0-			12,865			12,865
Warrants		-0-			-0-			0	#		0
Short-Term Investments:
Time Deposits		-0-			5,608,483			-0-			5,608,483
Investment Companies		5,543,528			-0-			-0-			5,543,528
U.S. Treasury Bills		-0-			1,933,034			-0-			1,933,034
Total Investments in Securities		11,332,058			887,600,887			7,862,679			906,795,624
Other Financial Instruments*:
Assets
Forward Currency Exchange Contracts		-0-			96,435			-0-			96,435
Centrally Cleared Credit Default Swaps		-0-			1,300,311			-0-			1,300,311
Centrally Cleared Interest Rate Swaps		-0-			4,692			-0-			4,692
Credit Default Swaps		-0-			19,878			-0-			19,878
Total Return Swaps		-0-			229,672			-0-			229,672
Liabilities
Futures		(282,328	)		-0-			-0-			(282,328	)
Forward Currency Exchange Contracts		-0-			(1,420,124	)		-0-			(1,420,124	)
Centrally Cleared Credit Default Swaps		-0-			(170,439	)		-0-			(170,439	)
Centrally Cleared Interest Rate Swaps		-0-			(350	)		-0-			(350	)
Credit Default Swaps		-0-			(15,921,014	)		-0-			(15,921,014	)
Reverse Repurchase Agreements		(8,015,379	)		-0-			-0-			(8,015,379	)
Total	$	3,034,351		$	871,739,948		$	7,862,679		$	882,636,978

# The Fund held securities with zero market value at period end.

* Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation (depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, written options and written swaptions which are valued at market value.

A summary of the Fund’s transactions in AB mutual funds for the nine months ended December 31, 2022 is as follows:

Fund	Market Value 3/31/22 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 12/31/22 (000)		Dividend Income (000)
Government Money Market Portfolio	$	7,990	$	216,594	$	219,040	$	5,544	$	114

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